Speaker 1: Good morning.
Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 2: stories we're following today.
Speaker 1: As we start a new trading month.
Speaker 3: We begin with a report Wall Street's been waiting for
Speaker 3: all week, the August Jobs report. Net hiring is expected
Speaker 3: to slow to a fresh post twenty twenty low. The
Speaker 3: median forecast is for a gain of one hundred and
Speaker 3: seventy thousand jobs. Bloomberg's Michael McKee has a preview.
Speaker 4: Barring a surprise, the payrolls report is forecast to show
Speaker 4: a continuing slowdown in hiring during August. While this week's
Speaker 4: Jolts report showed the number of openings remains elevated, monthly
Speaker 4: jobs creation has been trending lower. Companies aren't laying off workers,
Speaker 4: but they are cutting back on hiring as they wait
Speaker 4: to see whether recession forecasts come true. FED officials also
Speaker 4: want to see if unemployment starts to rise. So far,
Speaker 4: it's remained near historic lows, even given the rise in
Speaker 4: interest rates. And of course, top of mind for everyone
Speaker 4: will be average hourly earnings. Thursday's incomes report suggested wage
Speaker 4: gains are finally cooling as demand for workers eases. Michael
Speaker 4: mckaye Bloomberg Daybreak Right.
Speaker 1: Mike, thank you.
Speaker 2: While the economy is also in focus in Asia, Beijing
Speaker 2: is announced a raft of fresh measures to stimulate the
Speaker 2: economy and support its currency. China's central Bank is trimming
Speaker 2: the amount of foreign currency reserves banks are required to hold.
Speaker 2: That's after authorities announced hell for home buyers and plans
Speaker 2: to expand tax breaks for childcare and education. Bloombergsdale Deesis
Speaker 2: has more from Hong Kong.
Speaker 5: We haven't seen any kind of big Bizuka style formulis
Speaker 5: that China has rolled out, but there has been this
Speaker 5: drift seed that has been going on for several weeks
Speaker 5: at this point, and it does since me having at
Speaker 5: least the limited impact on confidence and sentiments.
Speaker 2: Bloombergs Deal Desis notes that stocks in China close the
Speaker 2: week with a gain of three quarters of a percent.
Speaker 3: Well meantime, Karen Bloomberg News has learned the President of China,
Speaker 3: Shi Jinping, plans to skip next week's Group of Twenty
Speaker 3: summit in New Delhi. That would be a further blow
Speaker 3: to the host India Prime Minister and no RENDERMOTI tensions.
Speaker 3: But between the world's two most populous countries already threatened
Speaker 3: to prevent G twenty leaders from issuing a joint Communica
Speaker 3: A for the first time since the forum was created
Speaker 3: in nineteen ninety nine.
Speaker 2: Well, Nathan. When it comes to critics of China and Washington,
Speaker 2: Nancy Pelosi has been one of the toughest, and the
Speaker 2: former House Speaker is not mincing words about China's economic policies.
Speaker 6: China has been a violator of transferring technology of weapons
Speaker 6: of mass destruction to rogue countries, a B. In terms
Speaker 6: of economics, They've been violated almost every trade standard, of access,
Speaker 6: of piracy of vaying WTA rules.
Speaker 2: At the same time, Former Speaker Pelosi says the US
Speaker 2: and China need to find ways to work together because
Speaker 2: while they might not have shared values, they have a
Speaker 2: shared planet. Pelosi spoke with Bloomberg's Fancy and Laqua for
Speaker 2: an upcoming edition of Leaders with Laqua. Hear more of
Speaker 2: that interview coming up a little later in our program.
Speaker 1: The Corporate News This Morning.
Speaker 3: Karen Tesla is cutting prices in China and the US
Speaker 3: as Elon Musk tries to boost sales. The evmaker has
Speaker 3: also unveiled the first refresh of its popular Model three
Speaker 3: Sedan Well Nathan.
Speaker 2: As we approached the three year anniversary of the onset
Speaker 2: of the coronavirus pandemic, Wall Street is still struggling to
Speaker 2: get workers back to the office. Bloombergh. John Tucker joins
Speaker 2: us with the latest, John and Karen.
Speaker 7: Fewer than half of all office workers are back at
Speaker 7: their desks. That's according to Castle Systems, which measures badge
Speaker 7: swipes at office buildings around the country. In New York,
Speaker 7: where one in eleven jobs have ties to the financial
Speaker 7: securities industry, that figure slips to forty three percent. Among
Speaker 7: financial services workers who still work remotely at least part time,
Speaker 7: two thirds said they would quit if they were required
Speaker 7: to return to the office five days a week. That's
Speaker 7: according to a recent Deloitte survey. Now, against this backdrop,
Speaker 7: goldn Sachs is repeating the message it expects employees to
Speaker 7: be in the office five days a week. Later this month,
Speaker 7: Black Rock will tighten its in office requirements from three
Speaker 7: days a week to four comes John Tucker, Bloomberg Day, break.
Speaker 1: Back at your office. Thank you, John Well.
Speaker 3: There's a new development in the US Virgin Islands lawsuit
Speaker 3: against JP Morgan Chase over its ties to Jeffrey Epstein.
Speaker 3: A court finally shows the bank flagged more than a
Speaker 3: billion dollars in suspicious transactions to the Treasury Department after
Speaker 3: the disgraced financier's death. The US Virgin Island says that
Speaker 3: enormous sum shows JP Morgan ignored red flags and knowingly
Speaker 3: benefited from Epstein's crimes.
Speaker 2: Well, let's check some stocks on the move this morning.
Speaker 2: Nathan Shares a broad coom down more than four and
Speaker 2: a half percent when of the world's five biggest chip
Speaker 2: makers gave a disappointing forecast for the current period. We
Speaker 2: get the story from Bloomberg's Charlie Pillett.
Speaker 8: It signals a demand for electronic components remains sluggish. Broadcom
Speaker 8: said revenue will be about nine point two seven billion
Speaker 8: dollars in the fiscal fourth quarter. That compares with an
Speaker 8: average Wall Street estimate of nine point twenty eight billion dollars,
Speaker 8: with some analysts predicting as much as nine point eight billion.
Speaker 8: The outlook shows that Broadcom is mired in a broad
Speaker 8: spending slow down, even as the artificial intelligence boom fuels
Speaker 8: demand and pockets of the industry. In New York, Charlie
Speaker 8: Bloomberg daybreak.
Speaker 3: All right, Charlie, thanks, and other chip makers moving in
Speaker 3: the opposite direction this morning. Shares of Inteller up more
Speaker 3: than two percent. CEO Pat Gelsinger says the chip makers
Speaker 3: on course to hit its third quarter forecast. Intel says
Speaker 3: it's being helped by an improving personal computer market.
Speaker 2: Cal Nathan Dell shares are up nine percent. The company
Speaker 2: reported better than expected sales of personal computers and data
Speaker 2: center hardware. Dale also says demand for products that help
Speaker 2: businesses use artificial intelligence our quote long term tail end
Speaker 2: and time now for a look at some of the
Speaker 2: other stories making news around the world. For that, we're
Speaker 2: joined by Bloomberg's Amy Morris. Amy, Good morning, Good morning, Karen.
Speaker 2: President Biden is traveling to Florida tomorrow to survey the
Speaker 2: damage from Hurricane Adalia. Homeland Security Advisor Elizabeth Sherwood Randall
Speaker 2: says the President is now prioritizing recovery effort.
Speaker 9: He has directed us to ensure that we have a
Speaker 9: fully coordinated whole of government effort to support people in
Speaker 9: the aftermath of this storm.
Speaker 10: Some fifteen hundred federal responders are already on the ground
Speaker 10: in Florida. Record numbers of migrant families crossed the US
Speaker 10: Mexico border in August. Data obtained by The Washington Post
Speaker 10: show the border patrol arrested at least ninety one thousand
Speaker 10: migrants who crossed as part of a family group last month,
Speaker 10: exceeding the record set in May of twenty nineteen of
Speaker 10: more than eighty four thousand. Border apprehensions have risen more
Speaker 10: than thirty percent for two consecutive months. The numbers fly
Speaker 10: in the face of Biden administration efforts to discourage parents
Speaker 10: from illegally entering the US with their children, and could
Speaker 10: once again place immigration in the spotlight during a presidential race. Meanwhile,
Speaker 10: Massachusetts Governor Mara Heeey is activating the National Guard to
Speaker 10: help provide basic services at some of the hotels being
Speaker 10: used as emergency shelters for mon migrants. Governor Healey says
Speaker 10: the National Guard will help families get food, transportation, housing,
Speaker 10: medical care, and education. Daniel Feria is one of the
Speaker 10: state's biggest family shelter providers.
Speaker 2: I don't think it's enough for a long term response,
Speaker 2: but I think it's a great short term.
Speaker 1: Response, Danielle says well.
Speaker 10: Daniel Feria says she's glad the providers are seeing what
Speaker 10: shelters are having to deal with. Governor Heally declared a
Speaker 10: state of emergency over the migrant crisis earlier this summer.
Speaker 10: Now in Mali, the mayor has released a video detailing
Speaker 10: what he knew and when on the day wildfires killed
Speaker 10: at least one hundred and fifteen people. Mayor Richard Bisson
Speaker 10: says in that video he's been in the emergency operating
Speaker 10: center since August seventh.
Speaker 11: I became aware of fatalities in the morning of August ninth,
Speaker 11: which I shared with the Lieutenant Governor's team. The realization
Speaker 11: that we had lost lives was devastating.
Speaker 10: Bison has been facing criticism and calls to resign. Meanwhile,
Speaker 10: the number of people missing in Malie is expected to
Speaker 10: fall down into the double digits. Officials are preparing a
Speaker 10: big update for later today. Global News twenty four hours
Speaker 10: a day, powered by more than twenty seven hundred journalists
Speaker 10: and analysts in more than one hundred and twenty countries.
Speaker 10: I'm Amy Morris, and this is Bloomberg.
Speaker 4: Karen.
Speaker 2: All right, Amy, thank you for long time. Now for
Speaker 2: the Bloomberg Sports Update with John stash Hour John.
Speaker 12: Jarn It's a Big Holiday wake nd of college football.
Speaker 12: The entire preseason top twenty five it will be playing,
Speaker 12: starting with last night's game. Fourteenth ranked Utah hosting the
Speaker 12: Florida Gators, and the youth scored in a seventy yard
Speaker 12: touchdown pass on their first play from scrimmage, and they
Speaker 12: were not done there now.
Speaker 10: Bernard back into the backfield, winning four pass catchers in
Speaker 10: the pattern eight back pedals, takes the snap, hands it off,
Speaker 10: keeps it on the edge.
Speaker 4: Twenty five twenty.
Speaker 12: Hey Johnson fifteen they judged it, ten, they judge it.
Speaker 10: Five pitch touchho.
Speaker 4: Ys the Elucidius Steed Johnson.
Speaker 12: For Utah touchdowns theirfield to call Utah eaight Florida twenty
Speaker 12: four to eleven. Wake Forest over Elon thirty seven to seventeen.
Speaker 12: NC State won at Yukon twenty four to fourteen, and
Speaker 12: Nebraska's first game of the new coach Matt rule. Minnesota
Speaker 12: kicked the field goal on the final play and won
Speaker 12: thirteen to ten. A bit of old timer's day at
Speaker 12: the US Open, thirty six year old Andy Murray got
Speaker 12: shrounced by Grigor Dimitrov. Thirty eight year old Stan Vavrinka
Speaker 12: won his match, and thirty eight year old John Isner
Speaker 12: blew a two set lead and lost to fellow American
Speaker 12: Michael Moa, and that ends Isner's career after seventeen years
Speaker 12: on the tour Baseball. The Giants won at San Diego
Speaker 12: seven to two. The Nationals had only three hits lost
Speaker 12: at home to Miami six to one. Top two teams
Speaker 12: in the National League started a series in La. The
Speaker 12: Braves beat the Dodgers eight to seven. Ronald Decunye hit
Speaker 12: grand slam. John stashiewar Bloomberg Sports.
Speaker 13: From coast to coast, from New York to San Francisco,
Speaker 13: Boston to Washington, DC, nationwide on Syria's Exam, the Bloomberg
Speaker 13: Business app, and Bloomberg dot Com. This is Bloomberg Daybreak.
Speaker 1: Good morning. I'm Nathan Hager.
Speaker 3: Former House Speaker Nancy Pelosi is weighing in on growing
Speaker 3: tensions with China. A longtime critic of the Chinese government,
Speaker 3: Pelosi says the US and China lacks shared values, but
Speaker 3: she says the world's two largest economies need to continue
Speaker 3: to find common ground for the good of both nations
Speaker 3: and for the planet. Nancy Pelosi sat down with Bloomberg's
Speaker 3: Francin Lachwaw in Venice, Italy for an upcoming episode of
Speaker 3: Bloomberg Television's Leaders with Lockwhaw program. They discussed geopolitics, Donald Trump,
Speaker 3: and the upcoming presidential election.
Speaker 1: Let's go to part of that conversation.
Speaker 6: There is a certain element of the population who will
Speaker 6: just go for him. There are people we would probably
Speaker 6: never get. They don't share our values in terms of
Speaker 6: respect for the dignity and worth of every person and
Speaker 6: the rest. But there are some who are supporting him.
Speaker 6: We're just afraid. They don't see a place for their
Speaker 6: families and the future. They're concerned about globalization, they're concerned
Speaker 6: about immigration, they're concerned about innovation, they're concerned about diversity, women, minorities,
Speaker 6: lgh Q, other people coming into the leadership arena and
Speaker 6: they and that's to be respected. So I respect all
Speaker 6: of the people of America. And I when people ask me,
Speaker 6: are you afraid of what might happen?
Speaker 8: I say no.
Speaker 6: Because of the goodness of the American people, the strength
Speaker 6: of our democracy, we will prevail.
Speaker 14: Is there a Republican president a candidate that you could
Speaker 14: live with.
Speaker 6: I'm not into Republicans. I'm into the Democrats. And hopefully
Speaker 6: the Republican Party can find a candidate that the American olypus.
Speaker 6: I say to the Republicans all the time, take back
Speaker 6: your party. The Republican Party is a great party. You've
Speaker 6: done great things for our country. You're not a cult
Speaker 6: to a thug. You're a great brand, old party. And
Speaker 6: recapture that because the America needs a strong Republican Party,
Speaker 6: a strong Democratic Party too, but a strong Republican Party.
Speaker 6: So hopefully as soon as we get through this shall
Speaker 6: we say cancer situation that we're in the malignancy of Trump,
Speaker 6: they will emerge in a strong way with the leadership
Speaker 6: that I know is there in the Republican Party, not
Speaker 6: necessarily in the Congress, but in the country.
Speaker 14: When you look at geopolitics, what scares you the most, well,
Speaker 14: in foreign.
Speaker 6: Affears, any time any of US travels abroad or receives
Speaker 6: dignitaries from overseas or grassroots activists, whoever it is. There
Speaker 6: are three things. One is security. Secondly is economics. How
Speaker 6: do we relate economically because that's the strength of all
Speaker 6: of our countries to do so in a shared manner?
Speaker 6: And governance. Governance is what is the strength of the
Speaker 6: democracy in your country, how do you treat people in
Speaker 6: respect them? What is the integrity of your economic system?
Speaker 6: So those are the how we relate as Americans going
Speaker 6: abroad on security. What is happening in Ukraine is a
Speaker 6: challenge to democracy, not just there, not just in the
Speaker 6: natural countries, but really to the world. And what attribute
Speaker 6: to democracy that the courage of the Ukrainian people are
Speaker 6: frightening is that Putin does not share any values of democracy,
Speaker 6: of justice, of respect for the lives of people, concerned
Speaker 6: for children, or anything. He's frightening. But the doubly frightening
Speaker 6: is a person like the former president who thinks that's okay,
Speaker 6: isn't that sad? But it's so sad, it's so extreme
Speaker 6: that it's everything to me is not frightening but an opportunity.
Speaker 14: An opportunity. But when you look at China, for example,
Speaker 14: if you look at what the US has been doing
Speaker 14: with China and how they should treat China going forward.
Speaker 6: Well, it's China's a big country and we have and
Speaker 6: so are we and we have to find an accommodation
Speaker 6: on how we treat each other. But in terms of
Speaker 6: the three things I name security, China has been a
Speaker 6: violator of transferring technology of weapons of mass destruction to
Speaker 6: rogue countries, a B. In terms of economics, they've been
Speaker 6: violated almost every trade standard, of access, of piracy, of baying,
Speaker 6: w TA rules and the rest. And in terms of governance,
Speaker 6: what I need I tell you Hong Kong to bet
Speaker 6: we are threat to Taiwan and the rest. So we
Speaker 6: don't have shared values, but we have a shared planet
Speaker 6: and we have to work with the Chinese to save
Speaker 6: the planet because they're now I think the biggest emitter,
Speaker 6: if not us, their second, and they're part of the
Speaker 6: solution in all of this.
Speaker 9: This is Bloomberg Daybreak Today, your morning brief on the
Speaker 9: stories making news from Wall Street to Washington and beyond.
Speaker 2: Look for us on your podcast feed at six am
Speaker 2: Eastern each morning, on Apple, Spotify, and anywhere else you
Speaker 2: get your podcasts.
Speaker 9: You can also listen live each morning starting at five
Speaker 9: am Wall Street time, on Bloomberg eleven three to zero
Speaker 9: in New York, Bloomberg ninety nine one in Washington, Bloomberg
Speaker 9: one oh six to one in Boston, and Bloomberg ninety
Speaker 9: sixty in San Francisco.
Speaker 2: Our flagship New York station is also available on your
Speaker 2: Amazon Alexa devices, Just say Alexa Play Bloomberg eleven thirty plus.
Speaker 9: Listen coast to coast on the Bloomberg Business app, serious
Speaker 9: XM Channel one nineteen, the iHeartRadio app, and on Bloomberg
Speaker 9: dot Com.
Speaker 1: I'm Nathan Hager and.
Speaker 2: I'm Karen Moscow. Join us again tomorrow morning for all
Speaker 2: the news you need to start your day right here
Speaker 2: on Bloomberg Daybreak