Good morning.
I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with the latest legal and political development for Donald Trump. The former president turned himself in last night in Atlanta. He was booked on state charges that he conspired to overturn George's twenty twenty election, But unlike appearances for his other three indictments, this time the former president was given an inmate number and a mug shot. He addressed reporters after his twenty minute stay in the jail, So, what has.
Taken place here is a travesty of justice.
We did nothing wrong.
I did nothing wrong, and everybody knows that I've never had such support.
And that goes with the other ones too.
What they're doing is election interference. They tried to interfere with an election.
And Bloomberg's Joe Matthew says, this is a moment we haven't seen before, even for the former president. This is absolutely remarkable and we have to remind ourselves of how unique this moment is. We're growing used to this on the fourth indictment, but this has never happened before, and we are seeing the reaction that you might expect from Republicans. Look, we had a lot of Republican candidates defending him even
though he didn't show up for the debate. In Bloomberg's Joe Matthew reports, former President Trump is using this moment to re emerge on x the site formerly known as Twitter. Trump posted his mugshot on his real Donald Trump account along with a link to his campaign website.
Well, Nathan, we continue to follow the latest political developments out of Russia. After the death of Wagner, founder of Guiney Progoshin. Early assessments out of the US indicate the military leader was likely assassinated, and we get the details from Bloomberg's Ed Baxter.
The Pentagon says that assessment has Progotion on board and killed. Brigadier General pat Ryder says it does not appear to be a surface to air missile that took it down. He says it definitely will change Wagner moving forward.
For all intents and purposes, they have their combat effectiveness has been diminished and they are no longer a significant factor when it comes to the conflict inside Ukraine.
Now, uk is also working on the assumption that it was brought down deliberately. Russian President of Vladimir Putin has expressed his condolences. I'm at Baxter Bloomberg daybreak.
Okay, ed, thanks, Let's stat turn to the markets now. Futures are a little bit higher as we prepare to close out the week. Yesterday's Nvidia earnings a fuel to rally, petered out as the Nasdaq ended the day down nearly two percent. Bank of America says more trouble may be ahead for the tech sector. Strategist Michael Hartnett says high
interest rates will eventually eat into the rally. He predicts a four percent drop for the S and P five hundred from its current level, but he also says today's remarks in Jackson Hole could flip that script for September.
Well, Nathan, Jackson Hole is the big event for markets today. We're all waiting for that highly anticipated speech from Feeder Reserve chair j Powell. Bloomberg's Tom Keen is at the event in Wyoming and leads our team coverage.
Not the first time, but I would say, and an un usual Friday in Wyoming at Jackson Hole. First, Jerome Powell speaking on America pretty relaxed, I would say, We've seen him a lot here On Thursday, a more relaxed Jerome Powell, a less relaxed Christine Leguard. In the afternoon, the President of the European Central Bank will speak about a troubled Europe. Huge anticipation for the Leguard speech, the choices she has forward with the September meeting and beyond,
about a Europe in transformation, a Europe in war. I'm Tom Keen in Jackson Hall, Wyoming, Bloomberg Daybreak.
All right, Tom, thank you. Tune in for Tom, John and Lisa with complete and comprehensive coverage from Jackson Hole on a special four hour edition of Bloomberg Surveillance. It all starts today at eight am Eastern, and later this afternoon, Tom will sit down for an exclusive interview with the ECB President, Christine Laguard. You can catch that conversation at the close of US markets at four PM Wall Street Time.
Well, Nathan, ahead of Powell's speech, You've been hearing rate calls from both current and former Fed officials. Philadelphia Fed President Patrick Harker and Boston Fed chief Susan Collins say the Central Bank is nearing the end of its hiking cycle, but former Saint Louis FED president Jim Bullard tells us that markets may have to wait for a signal that interest rates are coming down thanks to strengthen the US economy.
Reacceleration could put upward pressure on inflation, stem the disinflation that we're seeing, and instead delay plans for the FED to change policy.
And Jim Bullard, formerly with the Saint Louis FED, is now dean of Purdue University's Business School.
Well, there's plenty of other global economic news this morning, Karen, let's talk China. The government there has unveiled a further easing of its mortgage policies intended to halt a slump in the residential property market and revive growth in the world's second largest economy.
Nathan In Europe, Germany's economy exited recession by the slimmest margin in the second quarter, but it's sluggish performance continues to drag down growth across the whole Eurozone. German GDP for the second quarter came in unchanged this morning.
And in corporate news, Karen td Bank says it's cooperating with a Justice Department probe bor on that from Bloomberg's Doug Prisoner.
The inquiries are related to TD's compliance with rules aimed at fighting money laundering, and the US Department of Justice is among those making requests. TD said its cooperating with authorities and is pursuing efforts to enhance its Bank Secrecy Act Anti money Laundering compliance program. TD is Canada's second largest bank. It made the disclosure in its third quarter financial results on Thursday. TD also said it may face
penalties as a result of the probe. In New York, I'm Doug Prisner, Bloomberg Daybreak.
All right, Doug, Thanks, This is Bloomberg.
Thanks Nathan five seven on Wall Street Time for a look now at some of their stories making news around the world. For that were joined by Bloomberg's Amy Morris, Amy, good morning.
Good morning, Karen. Getting some pre poll numbers after Wednesday night's Republican presidential primary debate. On big finding in the New Washington Post five thirty eight if So survey is that former President Donald Trump, who skipped that debate, has lost just a bit of support, and it shows some big surprises for some of his rivals, including Florida Governor
Ronda Santis. Now Republican primary voters thought it was Rond de Santis who had the best debate performance on Wednesday night, but the survey of Republican voters also found Nikki Hayley gained the most potential supporters, going from thirty percent saying they might support her to forty seven percent, and businessman Vivek Ramaswami boosted his favorability rating by about ten points that brought him up to sixty percent, but his unfavorability
also jumped by nineteen points up to thirty two percent. Ukrainian pilots will soon be training in the US on F sixteen fighter jets. Bloomberg's Nancy Lyons has an update.
Ukraine has long requested access to F sixteen, saying they could make a real difference in the war against the Russians. Pentagon spokesman Brigadier General Pat Ryder says the training could begin very soon once pilots receive English language classes.
The training provided by the United States will complement the F sixteen pilot and maintenance training that's already underway in Europe and further deepens our support for the F sixteen training coalition led by Denmark and the Netherlands.
Well, the training may happen soon, it's expected to take months before the jets actually make it into battle. In Washington, Nancy Lyons Bloomberg Daybreak.
Turning to Chicago, which is blaming automakers as thieves are live streaming thefts on TikTok. That story now from Bloomberg's Charlie Pellett.
The city has filed US civil suit against Kia and Hyundai Motor for failing to include engine immobilizers in various models, causing quota steep rise in vehicle thefts, reckless driving, property damage, and a wide array of related violent crimes in Chicago. Thefts of Kia and Hyundai cars have surged across the country after social media users expose security flaws, sparking what has been termed the Kia Challenge, where people live stream
their larceny in New York. Charlie Pellett Bloomberg Daybreak.
Global News twenty four hours a day, powered by more than twenty seven hundred journalists and analysts and more than one hundred twenty countries. I'm Amy Morris, and this is Bloomberg.
Karen all right, Amy, thank you, And it's currently five h nine on Wall Street. Time now for the Bloomberg Spores update, and here's Dan Schwartzman.
Dan, Good morning, Good morning, Karen.
Starting out in Major League Baseball, the Nationals beat the Yankees in the rubber game of their three game set, six to five. In the Bronx, there's a Red Sox dominating the Astros seventeen to one, as Boston set season his and runs and hits with twenty four I Meanwhile, the a is getting past the White Sox eight to five, Orioles knocking off the Blue Jays five to three, while the Twins beat the Rangers in a battle of division leaders.
A drop don't need to lug at it agall when he hit the ball into the second.
Down, which.
That's courtesy of Valley Sports North Minnesota, outlasting the Rangers seven to five to open up a six game lead. In the AL Central Angels two way Star Showyo Tommy will continue to hit the rest of the year despite tearing a ligment in his right elbow that may require Tommy John surgery. The front runner for al MVP, will not take the mound the rest of the season. The twenty nine year old, who will be a free agent this offseason, leaves the majors in home runs with forty four,
while also winning ten games on the mound. One time Washington Nationals A Stephen Trosburg has announced his retirement. The first overall pick of the two thousand and nine draft, signed a seven year, two hundred and forty five million dollar contract in December of twenty nineteen, has thrown just five hundred and twenty eight pitches since then. The final week of the NFL preseason schedule getting underway, with the Steelers finishing three to zero after shutting out the Falcons
twenty four to nothing. In the other game, it was a Colts beating Eagles twenty seven oh thirteen. As Indigos two have won this preseason. That's your Bloomberg Sports update on Dan Schwartzman.
From coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias Exam the Bloomberg Business Appen Bloomberg dot Com.
This is Bloomberg Day Break. Good morning, I'm Nathan Hager. It is another remarkable moment in the president shattering political career of Donald Trump. The former president has turned himself in for the fourth time on criminal charges, this time in Fulton County, Georgia, over the effort to overturn the twenty twenty election there. But this time Trump's been given an inmate number and a mug shot, something we have never seen before. And for more on this, we're joined
by Bloomberg Senior editor Bill Ferries. Bill, good morning. We have gotten used to saying that former President Trump breaks norms, but you really do have to step back and take note of just how norm breaking this is.
Right, We've never seen anything like this. The President had a very brief appearance that this jail in Fulton County, Georgia, you know, went in, had the photo taken, left and made some remarks at the airport, and flew back to
his resort in New Jersey. But this is one of those things that you have to wonder whether it's going to linger in the collective memory, and when we see the primaries unfolding, it'll be something that voters will likely have in their mind when they go in to decide who the Republican challenger to President Joe Biden should be.
Well, in some ways, it seems as though the former president wants this moment to linger in the public memory. I mean, it's amazing that he's been off Twitter I guess we call it X now for more than a year now, and he uses this moment to get back on X and post his mugshot.
Right, you know, so far he really has been made of teflon when it comes to these cases against him. I think this is the fourth time he's face charges and had to go into a courthouse for this kind of a thing, and so far it has not dented his approval rating within the party really at all. His core base of supporters is still there. We saw earlier this week he was able to skip the Republican primary
debate and really not suffer any consequence for it. He is he is leading the field by as much as forty points in some of these polls, So until there's another dynamic in this race, or until one of the other candidates is able to show more traction, he is
able to use these events as basically fundraising opportunities. And we know from the campaign filings now that many of the funds that he's raising, many of the dollars he's raising are actually going to pay the legal team to help keep fighting these charges.
Now, I understand most of this funding as well as coming from small dollar donors. You mentioned the fact that he hasn't seen much erosion of support from the base. What about the more established wings of the Republican Party. I mean, even on the debate stage, the candidates were asked whether they would support Trump even if he were convicted of a crime, and most of them raised their hands.
Right, You have seen some of really the larger donors still kind of holding off, and some who had gone in early to support candidates like Florida Governor Ron DeSantis, started to withhold their support once they saw DeSantis kind of eroding in the polls. And that's really been kind of the story of this year. As Donald Trump faces increasingly risky legal cases against him, his support has been
steady or climbed. And while you know, the people who have come closest to being the successor to the throne, the heir to Trump, the people who are really going after that hardcore of MAGA voters, they have largely either stayed flat or seen their support decline. So it's been an interesting dynamic and a very tough one for those who see themselves as President Trump's successor.
Does it become more difficult for the former president to maintain that support. When we do expect that he's going to start seeing more and more court appearances alongside the campaign calendar. For him, he's going to be juggling a lot of different scheduling conflicts. Just to put it in really mild terms there.
Yeah, right now, really he doesn't have to do much campaigning. He's the leader in the Republican race. But as you mentioned, some of these cases they've been building up all year. The court appearances are going to start increasing when we get into twenty twenty four. He has a hearing in a New York case at the end of March, just I think a couple of weeks after the Super Tuesday primary. He may even have more cases later this year. That's going to start to become a very difficult dynamic. I
think for the president to manage. He will have to be out on the road campaigning, and he's going to have to be cutting some of those travels short to get back to appear in a courtroom. How that plays with the Republican base is really anybody's guests. They've stuck stuck with them so far, but it could be kind of a strange split screen moment that again we've never seen in modern US politics where you know, he's leaving the campaign trail to stand in a courtroom and deal
with some of these cases. That's, you know, we we don't know how that will play out and whether also some of the other candidates in this race find a way to break through and build a little bit more support.
This is Bloomberg day Break Today, your morning brief on the story's making news from Wall Street to Washington and beyond.
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I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak