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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 the lead up to a crucial meeting, now just a day away. President Trump is set to appear face to face with Russian President Vladimir Putin tomorrow in Anchorage, Alaska. The President is warning a very severe consequences if Putin does not agree to a cease fire with Ukraine. He says he hopes to set up a second meeting with Ukrainian President Vladimir Zlensky after the summit.
It was always going to be I was going to meet with President Putin, and then after that, I'm going to call the leaders and Presidents Olenski. I'm going to call Presidents Olenski, and then I'll call probably in that order of the leaders. There's a very good chance that we're going to have a second meeting, which will be more productive than the first.
President Trump spoke at the Kennedy Center and comments heard live on Bloomberg Radio. Bloomberg's rosalind Of Mathieson says the President appears to be shifting his tone.
We had a lot of conversation between Donald Trump and Vladimir Putin, where Donald Trump seemed quite effusive about the relationship and sent me about his ability to create a ceasefire in Ukraine sooner than later. Then he seemed to get quite exasperated with Vladimir Putin to the point he was already threatening him with severe consequences, including potentially tightening the news even further on exports of Russian oil, especially
to countries in Europe. And then he swung back a bit towards optimism on these talks, and now again he's talking about severe consequences.
Bloomberg's Ros Mathison reports the President assured European allies in a call yesterday that he would not negotiate territories with Putin, but would instead push him to meet with Zelenski Nathan.
President Trump also says he will name a replacement for FED chair Jerome Powell a little bit early.
He made the.
Comments during the Kennedy Center news conference.
I'll be naming a new chairman sometime within the next I think i'll name it a little bit earlier. The new chairman. I'm down to three or four names. All good, all great. The problem is you name him and then they turn out to be not good.
And while the President's maintained his list for the position is relatively short, Treasury Secretary Scott Besson is telling Bloomberg the administration plans to consider as many as eleven candidates. Bessett also says interest rates would be one and a half to one in three quarters percent lower by now if the Fed had gotten revised jobs data sooner.
If we'd seen those numbers in May in June, I suspect we could have had rate cuts in June and July. So that tells me that there's a very good chance of a fifty basis point rate cut.
That was Treasury Secretary Scott Besson speaking with Bloomberg. For the full conversation, head to the Bloomberg Podcast channel on YouTube.
Navin, a former Saint Louis fan president and current candidate to become the next FED share Jim Bullard, tells Bloomberg that he expects the FED to cut rates in September, but he does not expect a half point cut.
I think fifty sounds panick. He sounds like the administration wouldn't be that confident in their economic program, which I don't think is the right stance to take here. I think they've got a pro business program that will fire up the economy after we get through the initial phase of the new tariff policies.
Former Saint Louis FED president Jim Bullard says if he has chosen to succeed j Powell as FED sherman, he would seek to break down quote group think inside the Central Bank on Nathan Over in Europe, the UK economy did better than expected in the second quarter. GDP rows three ten percent, beating the one to ten percent forecast by both private sector economists and the Bank of England. Again more from Bloomberg's Lizzie Burden in London, it is.
A positive surprise and that it's not as bad as expected, but still growth slowed. Second quote, you're coming down from zero point seven percent to zero point three percent, which still understores the stock in stockflation.
Bloomber's Lizzie Burden says, the latest figures mean the UK recorded the fastest growth of the Group of seven nations during the first half of the year.
Well back in this nation, Karen President Trump's tariffs of for having an impact at America's busiest port, the port of Los Angeles moved more than a million containers last month. That was an eight and a half percent increase from the year before and the most container volume in the port's one hundred and seventeen year history. Ports Executive director Jean Soroca says traders front loaded cargo to reach stores before President Trump's new duties took effect.
Let's turn to the markets now, Nathan, in futures, they are a little changed after stocks notched another record closed. The big winner was the Dow, it gained one percent. Pn C Chief Investment Officer Amanda Gotti says, there are a lot of bullish signs in the market.
If you look at the hard data that's been tracked all year, even in the most recent GDP report, a three handle in terms of growth. We're closing out on Q two earning season for the SMP it's almost twelve percent year over year growth. So the hard data is looking really strong. And then when you layer on top of that a potential fed rate cut, well, what else could the equity market ask for.
PNC Chief investment Officer Amanda Agatti traders are fully pricing in a quarter point rate cut next month.
Let's check some prices of stocks on the move this morning, Karen. Shares of Bullish are up twelve and a half percent. The digital asset exchange operator and owner of media outlet Coin Desk rose eighty four percent in its Wall Street debut yesterday. On the flip side, shares of Coherent are down more than eighteen percent. The semiconductor device company sales forecast came in below estimates. Cisco shares are down more
than one percent. The largest maker of machines that run computer networks and the Internet, gave a lukewarm forecast for the current fiscal year.
And it's 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 Bloombergy's Michael Barr.
Michael, good morning, Good morning, Karen. President Trump says he is considering extending the federal government's control of the DC police force. The President has claimed that crime in Washington is at an all time high, but recent data shows the opposite, that crime is the lowest it has been in decades. Still, the President told reporters that he plans to extend federal control. Passed the thirty days allotted to
him by law by proposing a law to Congress. He also pushed back on efforts to make Washington d C.
Estate statehood is ridiculous.
We want to straighten the place out. Statehood's ridiculous, it's unacceptable.
Meanwhile, DC Councilwoman Brooke Pinto said the district needs more police officers, not federal troops.
There are a lot of elements of federal support that we would welcome to support public safety, but the action that the President has taken this week is not the answer.
Residents in one Washington d C. Neighborhood lined up to protest the increased police presence. Republican leaders in Texas say they planned to end the stalemated special session and begin a new one tomorrow. Some Texas House Democrats who left the state to prevent a vote on new congressional maps said they would return to vote on flood relief. Texas State Representative Linda Garcia, while.
This is absolutely about redistricting and jerry mandering, we also have to understand the impact that this is going to have across the United States.
Texas State Representative Linda Garcia spoke to ABC. Manhattan Apartment of Rents hit our record high for the fifth time in the past six months, with new Lease's sign at a median of forty seven hundred dollars in July, according to appraiser Miller Samuel and brokerage Douglas Element, that is up seventy five dollars from June, rent surge nine point three percent from a year earlier, the second biggest annual jump in the firm's data going back to two thousand
and eight. 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 Karen.
All right, Michael Barr, thank you time now for the Bloomberg scores update. It's brought to you by Flushing Bank. And here's John stash Hour.
John, good morning, Good morning Karen at rare time. And both the Mets and Yankees are at home. So they both sat through rain delays about two hours and then both blue leads and lost. The Mets had a six nothing lead once so Tho with a home run, but Atlanta had a big fourth inning against David Peterson who had control issues. He came out, Read.
Garrett came in.
Michael Harris singled earlier this evening. He gets a bas hit right here the Braves at least high the game, smacked in the air, deep center field, flying.
Back to the wall.
It's a great.
Swam Michael Harris to the deepest part of the yard with a big set a bomb and the Braves take the lead on the grand slam by Harris.
Craise radio nine run in Atlanta one eleven to six. Yankees got an early Cody Bellinger home run, but only four other hits. The Twins won four to one. Good news for the Yanks that almost all of the other American League playoff contenders lost. Toronto only two hits and a four to one loss of the Cubs. Red Sox lost at Houston four to one. Seattle's eight game wins streak ended a four to three loss in Baltimore, Cleveland, Texas, Kansas City, all just behind the Yankees the last wildcard
they all lost as well. The Brewers won again. That's twelve wins in a row. It was twelve to five of our Pittsburgh Milwaukee with a series suite by a combined thirty three to six. Brewers have won twenty seven of their last thirty one. Minnesota Twins owned by the Polad family since nineteen eighty four.
They had plans to sell the team.
They've changed their mind. The Portland Trailblazers bought by the late Paul Allen in nineteen eighty eight for seventy million, his estate, selling to Tom Dundo, who also owns the Carolina Hurricanes STAG four billion. The proceeds to go to philanthropic efforts and the sale of the Celtics. What Grosbeck that built Chisholm for a record six billion unanimously approved.
By the NBA.
Grosbeck was going to continue to oversee operations. That is now no longer the case. John stash Out with Bloomberg Sports carry Nathan.
Stay with us. More from Bloomberg Daybreak coming up after this.
Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg dot Com and the Bloomberg Business opp This is Bloomberg Daybreak.
Good morning, I'm Nathan Hager. President Donald Trump is setting expectations ahead of his Alaska summit with Russian President Vladimir Putin, now just one day away. The President says the meeting to try to end the war in Ukraine might not be the last.
Certain great things can be gained in the Firson. It's going to be a very important meeting, but it's setting the table for the second meeting.
President Trump's spoke at the Kennedy Center after a pre meeting call with European allies and Ukrainian President Vladimir Zelenski. We're joined now by Bloomberg News Chief Asia correspondent Rosalind Matheson and Roz As we continue to set the table for this summit. We're getting some headlines from Russia's Task news service, with the Kremlin saying that the agenda for the meeting between Trump and Putin has been set and the two leaders planned to hold a joint news conference
after their talks. How is Russia setting the table for what could come tomorrow at Anchorage?
Good morning, Good morning. Well, certainly Vladimir Putin has been clear about some of his goals from the summit, and as you say, part of it is just see optics of having the sit down with Donald Trump, who we're now seeing those reports is going to be a joint press briefing afterwards. So the two leaders standing side by side on Russian soil, I sorry on US soil and the Russian leader being hosted by Donald Trump as part of that. So optically that's got to be at least
as part of the goal of having the meetings. Also about obviously setting some parameters on Ukraine. Donald Trump is very keen to have a conversation about how to get towards a ceasefire in the conflict in Ukraine. But also for Vladimir Putin, it's about trying to get sanctions relief
from the US. Of course, the threat to panalize Russian oil that's being exported to countries in Asia, you know, China and India, particularly India of late, has been squeezing the Russian economy, and Vladimir Putin is very keen to get some sort of sense of sanctions relief from the US on it, and to pivot the conversation in a way probably to talk more about the bilateral economic relationship, to try and get a sense of understanding from Donald
Trump about where he's taking those sanctions as of tilting the opportunities in a way of greater economic ties as time goes on between the US and Russia. So obviously the overarching element here is Ukraine. But Vladimir Putin probably has some domestic to Do's also that he wants to get on the table with the US leader.
And to the point about the idea of economic cooperation, we heard the President yesterday say that there could be very severe consequences for President Putin if he doesn't agree to a cease fire tomorrow. We've not seen direct sanctions from the US in recent months. Could sanctions be back on the table.
Well, Donald Trump has certainly flowed to that, and he's looked particularly at secondary sanctions and panealizing India above all for importing and continuing to import Russian energy, but he's not been looking to penalize China, which of course is a very big buyer of Russian energy, and also talking about the possibility of further direct sanctions on Russia. Although the economy is so sanctioned, it's hard to see what else is really on the table from a domestic perspective.
But certainly, you know, Vladimir Putin is aware of the pressure that his economy is under. Despite being on a war footing and war production, there are underlying cracks in his economy that are just starting to emerge. Is a big part of the puzzle for him there. So he's going to be trying to really couch this conversation about the US Russia economic relationship, the opportunity they're lifting sanctions,
talking about sort of business ties possibly developing. Of course, all of this is possibly many years down the track, and the return of US business to Russia, well, that's going to be something very slow the way. But certainly Vladimir Putin's got a broader church here and the conversation in his mind than just for him. The question of Ukraine.
Following the call between the President and European allies, it seems as though the President's focus is on ceasefire as opposed to territorial negotiations. Is there a sense now that the President and European Allies are on the same page here, is there still a risk that there could be some kind of agreement here that puts Ukraine at a disadvantage. You have about a minute left.
Well, certainly with little Trump in the way he operates, there's always the something happening that's not expected in the minute or has not been prepped for, and that is still the concern obviously for Ukraine and Europe, is that out of this meeting, the two leaders sitting down together one on one, Putin being a very astute political operator, that somehow in the minute Donald Trump agrees to something or the conversation does move very heavily in the area
of territorial concessions from Ukraine without Ukraine being at the conversation, and the parameters for a ceasefire from Russian Ukraine are very different. But the lease, perhaps by Tom Putin, will give Donald Trump a sense so he's willing to move the conversation towards a ceasefire and perhaps even a conversation at some point that involves the Ukrainian leader as well.
This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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And don't forget to subscribe to Bloomberg News Now. It's the latest news, whenever you want it in five minutes or less. Search Bloomberg News Now on your favorite podcast platform to stay informed all day long. I'm Karen Moscow.
And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Day.
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