Podcast Summary
ESG accountability, Business value: ESG accountability is driving business value and unlocking opportunities for global leaders and investors at the Bloomberg Sustainable Business Summit in Singapore. The market's rally, fueled by strong economy and AI enthusiasm, may continue but could face challenges if economic conditions deteriorate.
The Bloomberg Sustainable Business Summit in Singapore offers a platform for global business leaders and investors to engage in solutions-driven discussions on driving business value, unlocking opportunities, and staying nimble amidst change and increased ESG accountability. The market rally, as discussed by Julian Emanuel of Evercore ISI, is fueled by factors such as low inflation, a strong economy, and enthusiasm around AI, potentially allowing high multiple regimes to remain elevated. However, the market's patience may wane if economic conditions deteriorate. Meanwhile, President Biden is addressing concerns about his candidacy following a disappointing debate performance, attributing it to his busy schedule and insisting it was an isolated incident.
Biden's mental fitness, Trump's legal troubles: Concerns over Biden's mental fitness persist, fueled by lapses and subpar debate performance. Trump raises more money, legal troubles delayed until September.
Concerns over President Joe Biden's mental fitness continue to mount, with some Democrats calling for him to step aside. The New York Times reported that U.S. and foreign officials have noticed more frequent lapses from the president. These concerns were fueled by his performance in the recent debate, which some saw as subpar. Former Speaker of the House Nancy Pelosi and Congressman Jim Clyburn both expressed their support for Vice President Kamala Harris as a potential successor. Meanwhile, former President Donald Trump's campaign raised more money than Biden's in the latest quarter, giving Trump more cash on hand for the first time. Trump's sentencing in his Hush Money case has been delayed until at least September 18th due to the potential impact of a new Supreme Court ruling on presidential immunity. Despite efforts from the White House to move on from last week's debate, the questions about Biden's mental fitness and Trump's legal troubles are not going away.
US-UK Politics, Economy: Former US President Trump's legal team challenges impeachment verdict, UK Conservative Party campaigns before elections, investors closely watch economic reports including ISM Services Index and Initial jobless claims
There are significant developments happening both in the political arena in the US and the UK, as well as in the economy. In the US, former President Trump's legal team is challenging the guilty verdict in his impeachment trial, while in the UK, the Conservative Party is making a last-ditch effort to rally voters before the elections. In the economic sphere, investors are eagerly anticipating several key economic reports set to be released before the July 4th holiday. In the US, Trump's attorneys have asked Judge Juan Mershan to set aside the guilty verdict from the impeachment trial, with a ruling expected on September 6th. Meanwhile, in the UK, former Prime Minister Boris Johnson is campaigning for conservative voters, despite not being a candidate himself. Labor leader Keir Starmer is urging caution, emphasizing that every vote must be earned and nothing can be taken for granted, despite Labor's significant lead in the polls. On the economic front, investors will be closely watching several reports, including the ISM Services Index, which will provide insight into the pace of the economy's slowdown and its implications for prices and jobs. Initial jobless claims will also be in focus, with concerns that the recent increase could be the start of a trend or merely a seasonal adjustment issue. These reports, among others, are sure to keep investors on their toes as they navigate the markets in the coming days.
Economic Indicators, Company News: Global financial markets focus on ADP employment report, factory orders, PMIs, trade balance, and Sky Dance Media's potential acquisition of National Amusements, while Paramount and Tesla shares rally after strong earnings reports; Hurricane Barry causes destruction in the Caribbean Sea, leaving at least six people dead.
Global financial markets will be closely monitoring several economic indicators this week, including the June ADP employment report, factory orders, S&P global services and composite PMIs, and the May trade balance. In company news, Sky Dance Media is in preliminary talks to buy National Amusements, the controlling shareholder of Paramount Global, with new terms including a higher valuation and stronger indemnification language. National Amusements has 45 days to consider other offers. Meanwhile, Paramount and Tesla shares are rallying after strong earnings reports. Additionally, Hurricane Barry is causing destruction in the Caribbean Sea, leaving at least six people dead and threatening major hurricane strength as it approaches Jamaica and the Cayman Islands.
Hurricane Barbara, Jamaica: Life-threatening winds and storm surge expected in Jamaica from Hurricane Barbara, despite decrease in peak winds. Authorities urge people in flood-prone areas to seek safe shelter.
Hurricane Barbara is expected to bring life-threatening winds and storm surge to Jamaica, despite a slight decrease in peak winds. Authorities have warned people in flood-prone areas to seek safe shelter. Elsewhere, a deadly stampede at a religious festival in India killed at least 121 people, and Chinese and Russian companies are reportedly developing an attack drone similar to an Iranian model. Over 71 million Americans are expected to travel for the 4th of July holiday, with airports and gas prices seeing increased demand. Finally, environmental leaders and problem solvers will gather in Seattle for the Bloomberg Green Festival, with discounted tickets available using the promo code RADIO40. While some things, like air fares, are on the rise, others, like the average price of gas, are seeing a decrease. Stay informed with global news from Bloomberg.
Biden's mental fitness concerns: Despite White House efforts, concerns about Biden's age and mental fitness persist, fueled by disappointing debate performance and lackluster explanations.
Concerns about President Biden's age and mental fitness continue to linger following his disappointing debate performance against Donald Trump. Democratic Congressman Seth Moulton openly expressed these concerns on Bloomberg Radio, and they are not limited to him. The White House is making efforts to reassure lawmakers, donors, and voters by calling an internal staff meeting and granting an interview to ABC News, but it remains uncertain whether these actions will be enough to reshape the narrative. The president's explanation to donors that his travel schedule caused him to fall asleep during the debate has added fuel to the speculation. Regaining public trust and confidence will be a long and challenging process for the president.
Presidential ages: Supporters remain loyal to Trump despite concerns about his debate performance, while Biden faces unease from some about his ability to handle the presidency; crucial days for Trump to prove abilities
Both President Biden and former President Trump's ages are a topic of discussion following their recent debate. Despite some concerns from Democrats about Trump's performance, his supporters remain loyal. Biden, on the other hand, faces unease from some about his ability to handle the presidency. The next few days will be crucial for Trump as he meets with governors and gives an interview, aiming to prove that the debate was an outlier and not a sign of declining abilities. His advisers have previously tried to shield him from unscripted moments.
Bloomberg Daybreak access methods: Bloomberg Daybreak offers access to daily news via podcast platforms, live radio, Bloomberg Business App, SiriusXM, iHeartRadio app, and Bloomberg.com. Attend the Bloomberg Green Festival for exclusive access to environmental leaders.
Bloomberg Daybreak offers multiple ways for listeners to access their daily news. You can find them on popular podcast platforms like Apple and Spotify every morning at 6 a.m. Eastern, or tune in live starting at 5 a.m. Wall Street time on various Bloomberg radio stations in New York, Washington, Boston, and San Francisco. Additionally, listeners can listen coast to coast on the Bloomberg Business App, SiriusXM, the iHeartRadio app, and on Bloomberg.com. For those attending the Bloomberg Green Festival in Seattle from July 10th to 13th, join environmental leaders and problem solvers including Stacey Abrams, Liev Schreiber, and Gina McCarthy. Use promo code "Radio40" for a 40% discount on tickets at BloombergLive.com/Green-Festival. So, no matter where you are or how you prefer to consume your news, Bloomberg Daybreak has got you covered.