Podcast Summary
French Election, UK Election: Political developments in France and UK, including election results and leaders' emphasis on stability and growth, are closely watched by investors as they can significantly impact financial markets. Environmental leaders will gather at the Bloomberg Green Festival in Seattle for discussions on solutions.
The French parliamentary election results have eased investor concerns about potential radical policy shifts in the second largest European economy. Marine Le Pen's National Rally secured a significant vote share, but it is uncertain if they will win an outright majority. Meanwhile, in the upcoming UK election, Labor leader Keir Starmer emphasizes the importance of stability and growth to attract global investments. These political developments are closely watched by investors, as they can significantly impact financial markets. At the Bloomberg Green Festival in Seattle, environmental leaders and problem solvers will gather from July 10th to 13th. Notable attendees include Stacey Abrams, Liev Schreiber, and Gina McCarthy. The event is sponsored by Amazon, Alaska Airlines, Providence, and Weyerhaeuser. Use promo code "Radio40" for a 40% discount at BloombergLive.com/Green-Festival. Stay informed with Bloomberg Audio Studios.
UK Election Arguments: Rishi Sunak and Keir Starmer make strong arguments for their parties ahead of UK general election, with Sunak warning of potential economic instability under Labour and Starmer's team insisting they have a plan for inflation and other issues. In the U.S., Biden's debate performance raises questions about another term, but supporters argue his accomplishments should not be ignored.
Both Rishi Sunak and Keir Starmer are making strong cases for their respective parties ahead of the UK general election. Sunak argues that a Labour government under Starmer would lead to increased taxes and potential economic instability, while Starmer's team insists they have a plan to address record high inflation and other issues. In the U.S., President Biden's debate performance has raised questions about his ability to serve another term, but supporters like Congressman Jim Clyburn are urging him to stay in the race. Despite concerns about age, they argue that his accomplishments, such as historically low unemployment rates, should not be overlooked.
2024 Democratic Nominee, Supreme Court, Boeing: Maryland Congressman Raskin discusses potential Democratic nominee change, Supreme Court to release final opinions on Trump immunity, Boeing faces fraud charges and considers plea deal, and the company agrees to buy back Spirit AeroSystems
There are significant developments on multiple fronts in Washington D.C. Regarding the 2024 presidential race, Maryland Congressman Jamie Raskin has indicated that serious conversations are ongoing about the possibility of the Democratic Party nominating someone other than President Joe Biden. Meanwhile, the Supreme Court is set to release its final opinions of the term today, which includes the question of presidential immunity for former President Donald Trump in relation to criminal prosecutions. Elsewhere, the Justice Department intends to charge Boeing with fraud and the company must decide between pleading guilty or going to trial. Additionally, Boeing has agreed to buy back Spirit AeroSystems for $37.25 per share in an all-stock deal. These events highlight the ongoing complexities and challenges in American politics and business.
Boeing regains control of Spirit AeroSystems: Boeing is buying back full control of Spirit AeroSystems for $4.7 billion due to quality and manufacturing issues, increasing the total transaction value to $8.3 billion. Boeing's shares slightly dropped, while Spirit AeroSystems' shares rose in early trading.
Boeing is regaining full control of Spirit AeroSystems, valued at $4.7 billion, following quality and manufacturing issues at both companies after a 737 MAX-9 airliner accident. The total transaction value is approximately $8.3 billion. Boeing's shares are down 1%, while Spirit Arrow Systems is up 8% in early trading. Elsewhere, Hurricane Barbara, a dangerous category 4 storm, is heading towards the southeastern Caribbean, with governments urging residents to evacuate. Hurricane warnings are in effect for several islands. In the Middle East, Hezbollah militants carried out a drone attack on Israeli soldiers, injuring 18, including one seriously, as tensions between Israel and Hezbollah escalate. In the United States, body camera footage was released of a fatal police shooting of a 13-year-old boy in Utica, New York, as part of a commitment to transparency. The boy had been tackled to the ground after running from police and pointing a replica handgun at them.
Business and Finance Sustainability: Global business leaders and investors gather to discuss sustainable business practices and finance amidst increased ESG scrutiny and competition.
The Bloomberg Sustainable Business Summit in Singapore on July 31 will bring together global business leaders and investors for discussions on sustainable business and finance, as companies face increased ESG scrutiny and competition. Elsewhere, an officer's use of force against an eighth-grader during a struggle sparked controversy, while Pride parades across the country celebrated the LGBT community. In sports news, NBA free agency has begun with significant moves, including James Harden re-signing with the Clippers and Paul George opting out for a bigger deal with Philadelphia. LeBron James is expected to join the Lakers, potentially taking a pay cut to allow the team to add another player, who could be Klay Thompson, leaving the Warriors.
Baseball dominance, Olympic gymnastics: The Yankees had a historic series against the Blue Jays, with Aaron Judge continuing his MVP caliber season. Simone Biles won the all-around title at the gymnastics trials, preparing for her third Olympics.
The Yankees had a dominant series against the Blue Jays, winning all four games by a minimum of six runs. Aaron Judge continued his impressive season with 31 homers and 82 RBI's, putting himself in the conversation with baseball greats. Elsewhere in baseball, Eric Cole got his first homer of the season in a rally for the Mets, but they ultimately lost to the Astros. The Red Sox beat the Padres, while the Nationals and Rays struggled. In other news, Simone Biles won the all-around title at the Olympic gymnastics trials, setting her sights on her third Olympics. Wimbledon began, with Carlos Alcaraz as the first player on center court. John Stash covered these stories and more on Bloomberg Daybreak. The first round of voting in the French Presidential race was also announced.
French Political Bargaining: Intense political negotiations between National Rally, new popular front, and Macron's alliance could result in a natural majority for National Rally, hung parliament, or fragile technocratic majority for Macron
The French election results on April 10 have set the stage for intense political bargaining between various parties, particularly the National Rally, the new popular front led by Jean-Luc Melanchon, and President Emmanuel Macron's centerist alliance. The far left is urging their candidates to withdraw to prevent the far right from winning, but it may be more difficult for the moderate left to do so. The outcome of these negotiations could result in a natural majority for the National Rally, a hung parliament, or a fragile technocratic majority for Macron. We'll know more by tomorrow night when the second-round matchups are determined.
French elections, market reaction: The market is experiencing short-term relief due to the rise of the CAC in Paris and a stronger euro, but concerns remain about a far-left French government's potential impact on debt and deficits, with uncertainty surrounding proposed measures and the country's already high debt levels
The market is experiencing relief in the short term due to the rise of the CAC in Paris and the strengthening euro, which could indicate some hope that more extreme political outcomes may not come to pass. However, there is still potential for volatility as markets remain concerned about the long-term impact of a far-left government in France, particularly regarding the country's debt and deficit. The National Rally, led by Marine Le Pen, has proposed measures such as cutting energy taxes, increasing salaries, and lowering retirement ages, but the timing of these proposed cuts is uncertain, and the French debt already exceeds 110% of GDP and missed the deficit target of 5.5% of GDP last year. The EU has also initiated an excessive deficit procedure against France. Despite these challenges, Jordan Badela has made the implementation of these measures conditional to an audit of public finances if he becomes prime minister. Overall, the market is showing some optimism in the short term, but there are significant concerns about the long-term financial implications of a far-left government in France.
Bloomberg accessibility: Bloomberg's news coverage is accessible through various platforms including Amazon Alexa, Bloomberg Business app, SiriusXM, iHeartRadio app, and Bloomberg.com. Join environmental leaders at the Bloomberg Green Festival with discount using promo code 'Radio40'.
Bloomberg's news coverage is accessible through various platforms. You can listen to Bloomberg's flagship New York station on Amazon Alexa by saying "Alexa, play Bloomberg 1130." The station is also available on the Bloomberg Business app, SiriusXM, iHeartRadio app, and Bloomberg.com. In addition, join environmental leaders and problem solvers at the Bloomberg Green Festival in Seattle from July 10th to 13th. The festival is sponsored by Amazon as the title sponsor, Alaska Airlines as the official airline, Providence as the supporting sponsor, and Wearhauser as the contributing sponsor. Use promo code "Radio40" at BloombergLive.com/GreenFestival to get a 40% discount on tickets. This wide range of availability ensures that you never miss out on the latest news and insights from Bloomberg. Join us again tomorrow morning for more news on Bloomberg Daybreak.