Iran Wants Hormuz Control, Birthright Citizenship Decision Due

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.
Well, Karen, we begin with the latest from the Middle East.
The US says it is said for another round of
talks with Iran today in Doha, Qatar. White House says
Special Envoice Steve Whitcoff and President Trump's son in law
Jared Kushner will attend. Iran has not confirmed it will,
though it is sending a delegation to Katar today. In
the meantime, Iran is ratcheting up talk about maintaining control
of the Strait of Horror moves. We get the very
latest from Bloomberg Middle East correspondent Abirabu Omar in Dubai.
They've really been doubling down on this toll that they
are wanting to charge once the sixty day negotiation period
between them and the United States is over.
They said, with or without.
The blessing of Arman, which has emerged as this other
key country, that they will told the Strait of her
moves alongside with Coman Sultan Heithan Bentarik met with Emmanuel
Macon France yesterday, and both had agreed that the Strait
of Hermus should remain free of charges.
Plomberg Sabirabo Omar reports the interim deal with Iran does
keep the Straight toll free for sixty days, but leave
open the possibility of shipping fees after that. President Trump
is not saying whether he thinks new talks will lead
to a breakthrough. He says his focus is on Iran
never having a nuclear weapon well.
Nathan Morgan Stanley is cutting oil forecasts for the second
time in about two weeks. Has flows through the Straight
of Horror moos return faster than expected. The firm says
strong US supply and weak Chinese demand raise the risk
of a glot. Brent futures have collapsed about thirty percent
this quarter as the US and Iran reached an interim
peace agreement that's allowed some traffic through Horror Mooz to resume.
The White House, Karen, President Trump is holding off on
signing a major bipartisan housing bill. The President canceled plans
to sign it last week after it passed both the
House and send it by wide margins.
Here's what I would like to say, much more than
a bill that the Big Deal fits a yawn. R.
It was this wonderful to me compared to the Save
America Act. Just about everything is a big yawn.
President Trump spoke for the Oval Office.
He's been pressuring Senate Republicans to pass the Save America Act,
which would require voter ID and proof of citizenship to vote,
but Senate leaders have said they don't have the votes
to approve the bill or change the Senate's rules to
pass it. Lawmakers from both parties are hoping to tout
the housing bill as progress on addressing voters affordability concerns
before the November midterm elections.
Staying in the nation's capital, Nathan. This is expected to
be the final decision day of the Supreme Court's term,
and Bloomberg's Amy Morris supports from Washington.
Four big cases are still outstanding, including one which challenges
the President's executive order ending birthright citizenship for children born
in the US to undocumented parents. The Court did rule
that President Trump could not immediately fire Federal Reserve Governor
Lisa Cook. Elizabeth Widra, president of the Constitutional Accountability Center,
spoke to Balance of Power.
This court is generally very pro big business and business
interest support having a healthy, independent federal reserve.
The Court also decided that the president can fire top
government officials, in a decision that expands the power of
the Oval Office in Washington, Amy Morris, Bloomberg Radio.
Ami, Thanks, It's not just the final day of the
Supreme Court's term, it's also a primary election day in
Colorado the head of the November midterms, it's a contest
between progressives and established incumbents. In several Democratic races. Senator
John Hickenlooper is facing a challenge for himself described insurgent
progressive Julie Gonzalez. In the first House District, Congresswoman Diana
dig Jett has been in office as long as her
Democratic Socialist challenger, twenty nine year old Melott Kiros has
been alive. And in the eighth district, two state representatives
Shannon Bird and Manny Routinell are competing to take on
Republican Congressman Gabe Evans in a swing district that was
created just five years ago.
We turned to the markets now, Nathan, where global equities
are on track for their best quarter in almost six years,
and Bloomberge John Tucker joins USh with the latest John
good morning.
Can you believe this, Karen? We're reaching the half here
mark and the chip wreck of last week seems like
a distant memory. The tech having NASTAK of eleven percent
since the start of the year. It's been the best
quarter for the Philadelphia Semiconductor Index ever. It's been driven
by an AI boom and also comes despite geopolitics. AI
infrastructure stocks just by themselves likely contributed sixty percent of
S and P five hundred earnings growth in the quarter.
Alisa Levine at BNY Wealth is focused on those earnings
and in S and P five hundred at eight thousand.
So the path to AK is the earnings, right, It's
the earnings and the fact that it's not just focused
on the AI beneficiaries, but it's actually broadening throughout the
S and P and that's what gets you to the
eight thousand.
Well, the rallies not without risk. The amount of leverage
in the market could fuel a violent reverse, and City
Group strategist Warren us technology shares aren't at risk of
further declines. In New York on John Tucker Bloomberg Radio.
Well, John, maybe the only thing hotter than the stock
market right now is the weather. A heat wave is
about to stretch across the Northeast and through the mid Atlantic.
We get the latest from Bloomberg meteorologists Craig Allen.
Well, it's warm, but it's tolerable so far this morning, However,
the sweltering heat is no more than a day away.
The worst of it will reach us starting tomorrow and
last into the July fourth weekend. Temperatures will reach the
nineties in DC today and about eighty five to ninety
for New York City in Boston. Add another six to
ten degrees on for tomorrow, meaning mid nineties to low
one hundreds from DC through Philadelphia to New York City
and Boston. The heat indecks will make it feel like
one hundred ten degrees or higher, and the nights may
not drop a low eighty in some urban areas. And
this type of dangerous heat it's going to last at
least four days.
Well, Bloomberg Meteorologists Craig Gallon says temperatures this week are
going to be ten to twenty degrees above the thirty
year historical average in nearly three dozen states.
Well, let's look at the global economy now, Nathan. Some
of the world's top economic leaders are in Portugal for
the European Central Bank's annual retreat in CenTra. ECB President
Christine the Guard says Europe is becoming less vulnerable to
external economic shocks.
The EU area has also whether the largest US tariff
increase in almost a century, as well as what the
International Energy Agency has called the largest oil supply disruption
in history that didn't go without a significant cost. It
has been substantial, but the economy has not been derailed.
ECB President Christine the Guard will appear on a panel
tomorrow alongside FED Chair Kevin worsh and we will bring
it to you live at not am Wall Street time
on Bloomberg Radio and the Bloomberg Business app.
In company news Karen, super micro Computer's offices in Taiwan
have been raided by government authorities. Sources say the move
widens an investigation into alleged smuggling of Nvidia chips into
China using super Micro's servers.
Now.
The company has previously said it is cooperating with Taiwan's
authorities on the probe, and shares of super Micro fell
eight percent on the news.
Time Now for look at some of the other stories
making news in New York and around the world, and
for that we're joined by Bloomberg's Michael Barr.
Michael, good morning, Good morning, Karen.
The death toll from the twin earthquakes that struck Venezuela
on June twenty fourth rows past seventeen hundred. More than
twenty two thousand, six hundred people were injured. Katie Susman
is the deputy Regional director of the Latin American branch
at the International Rescue Committee.
We're seeing huge water shortages. Seven of the states within
Minnezuela are without water now, which means that the survivors
that are coming out of that rubble are facing greater
challenges and really just being able to have their basic
needs met, which is what IRC and other interineering organizations
are really focused on right now.
Search and rescue operations continue with international aid, including thousands
of foreign rescue workers and more than seven hundred thousand
tons of humanitarian aid. A Jet Blue flight reported hitting
a drone at three thousand feet while trying to land
in New York City. The flight was coming in from
Las Vegas for landing at JFK Airport. It didn't cause
any damage to the jet. Hours Later Monday, a helicopter
pilot reported a very close call at JFK with a
remote controlled plane.
Do you think it was like someone like a drone
or like can you describe it?
It was just an RC one of the rosicoild airplanes,
a big one at five hundred.
Feet Audio from ATC dot Com. Over the weekend, a
United pilot reported a near collision with a drone at
Newark Airport. There's word. Warren Buffett has decided to skip
his mid year donations to the Gates Foundation for the
first time in two decades. According to The Wall Street Journal,
Buffett is waiting for the results of a review into
the organization's links to late sex defender Jeffrey Epstein. He
could make a donation by thanksgiving Global news twenty four
hours a day and whenever you want it with Bloomberg
News Now, I'm Michael Barr, and this is Bloomberg Karen.
Thanks Michael all the time.
Now for our Bloomberg Sports update, and for that we
bring in John stash Hour.
Thanks Darren upsets.
At the World Job, the Netherlands and Germany, European nations
ranked seventh and tenth in the world. Both lost in
penalty kicks. Netherlands upset by Morocco, Germany upset by Paraguay.
Brazil needed a goal right at the end to get
by Japan two to one. At Wimbledon, Yonix Sender, the
tompsted and defending champion, was down two sets to one
and fell had a bloody foot, still pulled out the
match in five sets. The big match today Serena Williams's return.
That's a Bloomberg Sports Update.
Day with us.
More from Bloomberg Daybreak coming up after this.
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, I'm Nathan Hager.
The straight of horror moves may be the major bone
of contention as the US gets ready for another round
of talks with Iran today in Katar, but President Trump
says his focus is on Iran's nuclear ambitions.
The meeting in Doha is going to be uh, perhaps important,
perhaps not.
We'll never find out. That was President Trump speaking in
the Oval Office.
Joining us this morning is Mark Champion, who covers the
Middle East for Bloomberg Opinion, sounding as though the President
is setting expectations relatively low here, Mark, But first off,
do we know whether the talks are actually going to
happen today? There's been kind of mixed messaging, hasn't there
good morning?
Good morning?
Yes?
Absolutely, the as it looks as though there will be talks.
But the question is, you know at what level and
about what? And so the Americans are sending as far
as we know Steve Witkoff and Jared Kushna, so at
a fairly high level. The Iranians are saying they won't
be talking to the Americans directly, They'll be sending a
technical team. And it seems as though what the Uranians
want to do is to basically talk about Hormoz and
their interpretation of the Memoranda of our Understanding as it
affects the Strait, which is that in that memorandum it
says that they should work out with Oman control of
the straight and they believe that the US, by sending,
you know, ships are hugging the Ilmani coast without reference
to the Uranians, are breaking the deal.
The US interprets the deal differently.
So it looks as though, you know, as much as
the president you know, thinks that these talks are still
all about nuclear and in Iran's nuclear program, and that's
what it's all about. It looks as though they may
focus on more technical issues to do with just keeping
the ceasefire alive.
Well, we have seen in just the last few days
Iran keep up attacks in and around the Strait. How
much leverage does Iran have around the waterway right now?
Well, it has a great deal of leverage. This is it's, uh,
you know, the key to how it emerged from the war.
It believes that you know, it may have lost some
of its bailistic missile stocks, some of the power of
its proxy what it calls its forward defense network of
proxies including Hasblahamas, et cetera. And it may have you know,
lost a number, you know, some of it's the potency
of what it considered as its deterrence. But it has
emerged from the war with something he didn't have before,
which was the ability to quickly impact the global economy
and put pressure on the United States that way. So
they are very insistent that they should retain that leverage,
that control and also try and monetize it and to
turn it into a cash flow for the regime, which
has an economy that is in deep, deep, deep trouble.
So this is their sort of number one priority. For
the US, it is more about, you know, getting the
nuclear deal that Donald Trump has been pursuing ever since
he left, the twenty fifteen arrangement that was negotiated by
President Obama.
Just thirty seconds left.
What role could golf allies or even Olman have around
the Strait of Horror Moon's issue at this point.
Well, Amman's in a difficult position.
You know.
The problem for the Ranians is that it doesn't have
complete control of the strait in the way that you know,
Turkey has complete control of the side of the Boss
Versus and the Dot de news. So Aman, you know,
also has a voice, and it is you know, trying
to sort of sit the fence between the US and
Iran very uncomfortable place to be.
This is Bloomberg Daybreak, your morning podcast on the stories
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Join us again tomorrow morning for all the news you
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