Podcast Summary
Software glitch disruption, Trump's RNC speech: A software glitch caused widespread disruption across industries while Trump's RNC speech was criticized for being divisive and lacking a clear message, with Biden potentially considering a shift in campaign strategy.
The world experienced widespread disruption due to a software glitch that caused technical outages for various industries including airlines, banks, and stock exchanges. Former President Donald Trump delivered a divisive and lengthy keynote speech at the Republican National Convention, vowing to end inflation and lower energy costs if re-elected. Despite his calls for unity, Trump also criticized President Biden and his policies. Trump's speech was criticized for being disjointed and lacking a clear, unifying message. Meanwhile, President Biden is reportedly considering polling on Vice President Kamala Harris' performance against Trump, indicating a potential shift in campaign strategy.
Biden's Re-election Campaign: Democratic pressure on Biden to end his campaign grows as new polls show him trailing behind Trump and Harris, but not all Democrats agree. Netflix reports earnings smash, while mega-cap tech stocks see a pullback.
There are increasing calls for President Joe Biden to consider ending his re-election campaign, as new polls show him trailing behind Republican Donald Trump and Vice President Kamala Harris. The Democratic pressure on Biden is mounting, with reports suggesting that former President Barack Obama and Nancy Pelosi believe his path to victory is diminished. However, not all Democrats are on board with this idea, as New York Governor Kathy Hochul expressed her continued support for Biden. Meanwhile, in company news, Netflix reported an earnings smash, adding 8 million new subscribers and upgrading sales and profit forecasts for the year. In contrast, Broadcom shares gained after discussing the possibility of creating an artificial intelligence chip, while Hawaiian electric saw a rise in shares due to potential settlements over last year's Maui wildfires. The broader market saw a pullback in mega-cap tech stocks, with concerns about a weakening economy and political uncertainty. However, traders may revive positive sentiment next week when several big tech companies report earnings. Additionally, Russian court officials began closing arguments in the trial of Wall Street Journal reporter Evan Gerstovich, who faces spying charges, and a New York City council member was arrested during a protest against a proposed men's shelter.
Values and sports: Respect for city workers and non-violence were showcased in a witness account, contrasted by a city council member's reaction. Sports saw Daniel Brown and Shane Lowry leading the Open Championship, Yankees seeking consistency, and Russell Westbrook's potential move to the Denver Nuggets. Jason Wright, the first black president of the Washington football team, stepped down.
Respect for city workers and non-violence are crucial values, as demonstrated in the witness account of Ryan trying to protect an elderly woman, but contrasted by the city council member's reaction to the incident. Meanwhile, legal proceedings continue in high-profile cases, such as the retrial of Harvey Weinstein and the passing of notable figures like Bob Newhart and Lou Dobbs. In sports, the Open Championship sees Daniel Brown and Shane Lowry leading the pack, while the Yankees aim for consistency after a winning series against Tampa Bay. Russell Westbrook is reportedly on the move again, this time to the Denver Nuggets, and Jason Wright, the first black president of the Washington football team, has stepped down from his position. Amidst these stories, the global economy and financial markets continue to be topics of interest, with Bloomberg providing in-depth analysis and coverage.
IT glitches, cloud vulnerabilities: IT glitches in Asia spread globally, affecting airlines, banks, broadcasters, and markets, highlighting the importance of robust IT infrastructure and cybersecurity as businesses transition to the cloud
The global business community is facing significant disruptions due to IT glitches affecting various industries, including airlines, banks, and markets. The issues began in Asia with reports of problems with CrowdStrike and Microsoft offerings, and have since spread globally. The impact has been widespread, with airlines issuing ground stops and airports experiencing IT outages. Banks have also been affected, with employees unable to log on, and broadcasters have faced similar issues. This incident underscores the vulnerabilities that come with an increasing reliance on cloud-based systems and the potential risks for businesses not yet on the cloud or without adequate cybersecurity infrastructure. The market has been affected as well, with a tech sell-off and European markets opening lower due to the uncertainty caused by these IT glitches. Microsoft has acknowledged the issue and is working on a resolution. The impact of these disruptions serves as a reminder of the importance of robust IT infrastructure and the need for businesses to invest in cybersecurity as they transition to the cloud.
Trump's RNC speech: Trump's RNC speech included a mix of unity and harsh attacks, lacked policy details, and came during doubts about Biden's ability to run, potentially opening an opportunity for Democrats
During the final night of the Republican National Convention, former President Trump delivered a speech promoting unity but it was a mix of on-script and off-script moments with harsh attacks on Democrats, the media, and migrants. Trump also pitched a nostalgic vision of America's economy before the pandemic, promising to continue building the wall and cut taxes. However, there were few policy details about a second Trump term. The speech came as doubts grew about President Biden's ability to run in November due to his COVID-19 situation, preventing him from counter-programming. The lack of focus on unity and specific policy ideas could provide an opening for Democrats. Meanwhile, the Biden campaign is reportedly scheduling a staff meeting, fueling speculation about a potential change.
Democratic primaries: Former President Obama and other senior Democrats have expressed concerns about Joe Biden's ability to be the strongest Democratic candidate in the November elections, adding uncertainty to the political landscape
Former President Barack Obama has joined the growing list of senior Democrats expressing concerns about Joe Biden's ability to be the strongest Democratic candidate in the November elections. This news comes as more and more Democratic leaders voice their apprehensions about Biden's candidacy. This development adds another layer of uncertainty to the already volatile political landscape. Beyond politics, other significant stories include the ongoing volatile markets, global elections, and central bank policies. Bloomberg Daybreak provides in-depth coverage of these stories every morning, available on various podcast platforms and radio stations. For those seeking a deeper understanding of one specific business story, Bloomberg's new podcast, "Here's Why," offers a quick and clear explanation, making complex topics accessible to listeners. With the help of Bloomberg's team of 2,700 journalists and analysts, each episode covers a single story in just a few minutes. Listen to Bloomberg Daybreak and Here's Why for comprehensive business news and insights.