On today's podcast:
1) JD Vance Calls Out Wall Street as he Accepts the Republican Nomination for Vice President
2) President Biden Comes Down with COVID as Top Democrats Ask him to Step Aside
3) A Fed Governor Says Rate Cuts Could Soon Come
Bloomberg Audio Studios, Podcasts, radio News.
Good morning, I'm Nathan Hager and.
I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with nine three of the Republican National Convention, where Donald Trump's vice presidential nominee J. D. Vance was introduced to the nation.
I'm overwhelmed with gratitude to say I officially accept your nomination to be vice president of the United States of America.
And in his acceptance speech, the Ohio Senator drew on his rural roots, blaming President Biden and past administrations for leaving working class voters behind.
Thanks to these policies that Biden and other out of touch politicians in Washington gave us, our country was flooded with cheap Chinese goods, with cheap foreign labor, and in the decades to come, deadly Chinese finanol. Joe Biden screwed up, and my community paid the price.
And then JD. Vance went after the business community.
We're done ladies and gentlemen catering to Wall Street. We'll commit to the workingman. We're done importing foreign labor. We're going to fight for American citizens and their good jobs and they're good wages.
The vice presidential nominee JD. Vance added the GOP is done sacrificing supply chains to global trade and is committed to manufacturing products in the US. The Biden campaign responded to Vance's speech by calling him unprepared, unqualified, and willing to do anything to meet Donald Trump's demands.
Well, Nathan, Donald Trump will speak tonight and formally accept the Republican presidential nomination for a third time. It'll be his first speech since the assassination attempt last weekend. The Trump campaign says the former president changed his address after the attempt on his life to make it more unifying. Follow Bloomberg for a live coverage of former President Donald Trump's acceptance speech on the final night their Republican National Convention on Bloomberg's Balance of Power with Joe Matthew and k Lies. Complete team coverage begins at eight pm Wall Street Time on Bloomberg Radio and television.
On the Democratic side, Karen President Biden continues to face questions about his ability to serve. In an interview with Beet, the President said he is willing to relinquish power to Vice President Kamala Harris. In a second term under one scenario, some.
Medical condition that emerged.
If somebody doctors came to me said you got this problem.
That problem now.
Those comments from President Biden came before the White House announced he's tested positive for COVID. The White House says his symptoms are mild, and the President is isolating at his home in Delaware.
Will the President deals with COVID Nathan. He's also facing intensifying pressure within his own party to step aside from the race. Prominent House Democrat Adam Schiff of California released a statement of the Los Angeles Times that Biden should let another candidate run over the weekend, Schiff was caught at a fundraiser saying the President needed to pass the torch.
I do not think he is the.
Best person who should go into the selection. I think if he has our comedy, I think we lose.
Congressman Adam Schiff says he's concerned Biden's candidacy could affect other Democrats down ballot.
And Karen Congressman. Shift is a close ally to former House Speaker Nancy Pelosi, and according to CNN, Pelosi has told the president privately the polling shows he cannot defeat Donald Trump and could destroy Democrats' chances of winning the House in November. ABC News is reporting Senate Majority leader Chuck Schumer told the President last week it would be best if he ended his reelection bid Well Nathan.
Senate leader Schumer is also calling on New Jersey Senator Bob Menendez to resign after his conviction on bribery and foreign agent charges. NBC News has reported that Menendez told allies he intends to resign, but the senator told CBS New York that he has not resigned nor has he spoken to quote so called allies. A Dray convicted Menendez on sixteen counts this week after a two month trial.
Senate Minarti leader Mitch McConnell is calling for new leadership Karen at the sequet Its service comes after the assassination attempt on former President Trump. Bloomberg's Amy Morris has the details on that from Washington.
Senator Mitch McConnell posted on x that the shooting was, in his words, a grave attack on American democracy and that new leadership at the Secret Service would be an important step. House Committee on Oversight and Accountability Chairman James Comer has subpoenaed Secret Service Director Kimberly Cheedle to appear at a hearing on Monday. Lawmakers say they'll hold a bipartisan probe focused on the Secret Service, and President Biden ordered an independent probe. The Homelands Inspector General also opened its own investigation in Washington. Amy Morris Bloomberg Radio.
All right, Amy, thank you if you want to turn to markets now and NASDAK futures are higher, with shipmaker Taiwan Semiconductor restoring sentiment in tech. If follow is the worst day for the Nasdaq one hundred since twenty twenty two. Traders were spooked over concerns about tidy US restrictions on chip sales to China. But TSMC reported earning said beat and less estimates and raise projections for full year revenue growth and a show of confidence in the artificial intelligence boom.
As for the broader economy, Karen traders are getting bullish about a September rate cut after comments from Fed Governor Christopher Waller. He told an audience in Kansas that the US can tame inflation without dipping into a recession.
I believe the current data are consistent with achieving of soft landing, and I'll be looking for data over the next couple of months to buttress that view. So while I don't believe we've reached our final destination, I do believe we are getting closer to the time when a cut in the policy rate is warranted.
FED Governor Chris Waller's comments echo those of other policymakers who are broadly optimistic about inflation but waiting for more positive data in the coming weeks.
All rights, they're also in focus over season aathan with a decision from the European Central Bank this morning. Bloomberg's Lizzie Burdens as a cut today is unlikely, but ECB President Christine Leguard could hint at a move in September.
Markets and economists expect the European Central Bank to keep interest rates on hold at its July meeting today, though traders will listen closely for clues as to whether a September move is coming. Even the hawkish end of the Governing Council has said market pricing for two more moves this year looks reasonable, but President Christine Legard is unlikely to want to box herself in on timing, so we'll probably reiterate that the Central Bank is data dependent. A key question is whether she reintroduces the ECB's easing bias in Frankfurt. Lizzie Bird and Bloomberg Radio.
All right, Lizzie, thank you. Finally make no bones about this one. Citadel founder Ken Griffin paid Southeby's forty four point six million dollars for a near complete Stegosaurus fossil at auction, one hundred and fifty million year old dinosaur nicknamed Apex. Griffin plans to put it on display the museum. His bid marks a record sum for a fossil sold at auction, even going to the Jurassic era.
Time now for a look at some of the other stories making news in New York and around the world. For that, we're joined by Bloomberg's Michael Barr Michael, Good morning.
Good morning, Karen. For the second straight week, communities and upstate New York have been slammed by severe storms and tornadoes. Dozens of buildings have been destroyed and nine tornadoes confirmed near Syracuse and Rochester in Rome, New York Governor Kathy Okel said tens of thousands of customers in the affected areas are still without power.
This is an urgent situation. When the heat is as hot as it is right now, people need their power back on, So we are focused intensely on making sure that happens as soon as humanly possible.
At least one person dined in the storms. Wall Street Journal reporter Evan Gerskovich has appeared in court in Russia for the second hearing in his trial on espionage charges. Gerskevich, his employer, and the US government vehemently deny the charge against him. Kriskevich was accused by the Russian Prosecutor General's office of gathering secret information on orders from the CIA about a plant that produces and repairs tanks and other military equipment. The journalist was detained while on a reporting trip in March of twenty twenty three. The US Navy has exonerated more than two hundred and fifty black sailors found to be unjustly punished in nineteen forty four following a California port explosion that killed hundreds of service members. The blast killed three hundred twenty sailors and civilians, nearly seventy five percent of whom were black, and injured another four hundred personnel Navy Secretary Carlos del Toro.
This decision clears their names, restores their honor, and acknowledges the courage they displayed in the face of immense danger.
The punishments kept them from receiving honorable discharges. Fifty sailors who held their demands for safety and training were tried as a group on charges of conspiracy to commit mutiny. They were convicted and sent to prison. Researchers studying tens of thousands of patients found that people who have irregular sleep patterns, say five hours of sleep one night, ten hours of sleep the next night, have a more than thirty percent higher risk of developing type two diabetes. Doctor Cina Keance is with Brigham and Women's Hospital in Boston.
Our finis have the potential to improve diabetes prevention on multiple levels.
Clinically, they might inform better patient care and treatment plans.
Doctor Kennercy says. The study was on patients in the United Kingdom. Global News twenty four hours a day and whenever you want it with Bloomberg News. Now, Michael Barr, this is Bloomberg.
Heret all right, Michael Barr, thank you. Time now to the Bloomberg Sports Update with John stash Hour. John, good morning, Good.
Morning care and it's a difficult, cloudy bristday in Scotland. The players are bundled up for the start of the Open Championship in fifty second edition, tenth time. It's being held at Royal Trooon and early on Justin Thomas, Matt Wallace, Young Hans Song share the lead three under part is the last major of the year. Vice at the Champeau has so far finished sixth at the Masters, second at the PGA, and last month he won the US Open. The Champeau was just teed off. Rory McElroy is about to and later this morning. World number one Scottie Scheffler excited to be playing Lenke Skulf.
I just feel like you have to be more creative here, and you know, I love that part of it. I feel like when I do come over here, this is really kind of how golf was intended to be played. I feel like there's a lot more opportunity for shot making and being creative around the greens.
Jeff has already won six tournaments this year. He's trying to be just the fourth since nineteen eighty to win the Masters, and they Open the same year. He's the first is Tiger Woods in twenty thirteen to be the betting favorite going into all four majors. London the next up for the US Olympic basketball team. They'll play exhibition games there on Saturday and Monday, then a week from Sunday it's the opener in Paris against Serbia, who the US just be easily one oh five to seventy nine. Steph Curry scored twenty four points. Caitlin Clark has often been compared to Curry, and last night she did something no WNBA player has ever done before. Clark had nineteen assists. She just scored twenty four points. Although Indiana loss to the last place Dallas, Pat Williams has passed away at eighty four. Longtime NBA exec with Philadelphia and then Orlando, represented the Magic three times when they won the draft lottery, landing them Shaquille O'Neal, Penny Hardaway, and Dwight Howard. Williams also wrote over one hundred books, ran fifty eight marathons, and he and his wife had nineteen children, fourteen of them adopted from foreign countries. John Stasherwick Bloomberg Sports Karenia.
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 on Nathan Hager. It is a tale of two campaigns.
As the Republican National Convention heads to its conclusion tonight, Donald Trump is set to accept his party's nomination for a third time after surviving an assassination attempt and cementing his populist hold on the Republican Party, while President Biden finds himself sidelined by COVID and under fast growing pressure to bow out of the race. Joining us for more Bloomberg Breaking News, Managing Editor Derek Wallbank, Derek, good morning. Let's start with the convention. What are your takeaways from what we saw from JD. Vance last night, his acceptance speech as running mate and this populist message that you know he's solidifying for former President Trump.
Well, Nathan, I think that JD. Vance is somebody who has been a staunch ally of Donald Trump. Remember, you know, he's the sort of person who was running in a very crowded primary field when he wanted to be a senator from Ohio. Trump picked him to be endorsed. He goes on, gets that nomination, gets the win, gets into the Senate, becomes one of Donald Trump's most fervent supporters, and eventually now rewarded with the VP nomination. But Vance hasn't been in the political scene for all that long. So this was a chance for JD. Vance to introduce himself to the public writ large, and he went with a very biography heavy introduction. You know, a guy who first came to prominence from having written his own biography. He'll bili elogy, you know, talking about his experiences and you know that you know the sort of appellation, you know, how did everybody lose, the lose the working person, you know, things of that nature, and he sort of tried to tie that into Trump's appeal. One of the things I saw from Vance and from other speakers. Marco Rubio was one who really did this was they were trying to sort of verbally set up a permission structure for people who may not have liked Trump before but to come on board with this. And you actually saw this a little bit from Nicki Hayley the other day as well. Right set up a pathway for people who have not been there for Trump, who are sitting there don't really like the idea of Biden either, have serious reservations about the president right now to vote for the former president instead. So that was kind of rhetorically where he was going. I think, you know, the most memorable parts of it though, was when he was talking about his take no Prisoner's mamma, his grandmother who helped raise him, and then when he spotlighted his own mother, who struggled with substance abuse and has been clean now on about ten years. Those were very, very popular moments at the convention among the attendees there. We'll see how it all resonates among the general public when we get some post convention polls. But this was JD. Vance's moment to make a name for himself.
And Donald Trump's moment comes tonight. I mean, this really could be another one of those so called moments, his first speech after getting great by a bullet last weekend.
Derek. Yeah. Now, Trump has made appearances, you know, each night of the convention, but this is the first time that we're going to get to hear from him. This is somebody who, look, you know, whether you like him or you don't like him. As somebody who has a reputation well earned for showmanship, former television host, you should expect the stage management of this to be nailed down, right And again, as I say, Nathan, you know Trump, the nation has had four years of Donald Trump as president. If you like him or if you don't like him, you know what you're getting, right, Like, there's there's nobody in the United States who don't know who Donald J. Trump is. But this is also a guy who, for the first time really in his electoral history, finds himself as a general election favorite.
Right.
He never was against Hillary Clinton. She was favored the entire way according to poles and analysts and things like that. Trump now is is in a situation where the betting markets are saying that he's likely to win. You're seeing movements and all of that, and so this is a different position for him. He's also come off of a you know, a time when he was literally shot in the air giving a speech. You know, we're in uncharted moments here for Donald Trump. I think there's gonna be a lot of interest in how he handles this.
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