US, Iran Halt Attacks; Supreme Court to Rule on Trump Cases

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.
Karen, we begin with the latest from the Middle East.
The US and Iran have agreed to stop attacking each
other before talks resumed this week over the Strait of
hormones and other issues. The latest strikes began Thursday, when
Iran hit a container ship in the Strait that led
to back and forth attacks that ended last night with
Kuwait and Bahrain intercepting drones and missiles from Iran's Islamic
Revolutionary Guard Corps. US Ambassador to the United Nations Mike
Waltz says the US will continue to respond militarily if necessary.
Last few nights where we'll continue to militarily, if needed,
take down their infrastructure that they're trying to use to
illegally control an international waterway.
You An Ambassador Mike Waltz appeared on Fox News Sunday,
Heard Every Sunday on Bloomberg Radio. Bloomberg's You're a Middle
East and Africa News Director Well Kennedy says, all this
is put the sixty day ceasefire to the test.
It is fragile, and clearly what happened over the last
few days will be a woey to everyone and to
people trying to get oil and other goods in and
out of the Strait of Horn moves. I think though,
that both sides probably want an opportunity for the talks
to continue and to build on what was agreed in
their memorandum of understanding, So it is a true but
extremelyat fragile one, I think.
Bloomberg's Well Kennedy reports both sides continue to tussle over
whether Iran will be able to impose tolls or other
costs for ships to move through the strait. Talks on
that and other technical issues are expected to resume this
week in Doha, Qatar.
Well Nathan. Russia expects US negotiator Steve Wikoff and Jared
Kushner to travel to Moscow to continue talks on ending
the war in Ukraine once Washington is no longer preoccupied
with the conflict with Iran. In an interview with State television,
Russian President Vladimir Putin said Moscow received new proposals to
limit fighting in Ukraine, but he rejected them.
Back in this country. Karen gasoline prices continue to fall.
In Bloomberg's John Tucker's keeping an eye on that Good morning, John, I.
Had, good morning, Nathan. The latest national survey from tripa
A shows the average price for unleaded has now fallen
to three point eighty six a gallon, represents just over
a twelve percent decline over the last month. The average
price a year ago. You'll recall this stood at three
dollars and nineteen cents.
Now.
The decline comes on hopes of some sort of lasting
ceasefire with irant Well. Bloomberg intelligence analysts caution that oil
markets may be pricing too smooth a transition from the
Gulf War. They point out that intermittent security incidents and
cautious shipowner behavior could keep the path back to normal
slower than the prices imply, especially with strategic inventories at
a forty three year low. In New York Ime, John Tucker,
Bloomberg Radio, Right, John.
Thank you well. Back in Washington, House Speaker Mike Johnson
says he'll send the bipurtisan housing bill that passed Congress
last week. Did President Trump designed today?
The housing bill really is a Republican priority because it
will lower housing costs. We made a lot of promises
to the voters, and we're fulfilling those every single day
of this Congress. And this is a big part of
that because it will increase the availability, the access to
more housing, bring down cost, cut regulations, do the things
that we know are very important for that market.
Speaker Mike Johnson appeared on Fox's Sunday Morning Futures, and
President Trump abruptly canceled a signing ceremony for the housing
bill last week to pressure the Senate to pass a
nationwide voter ID law that he's been pushing for months.
Well, Karen.
The Supreme Court is expected to issue its final decisions
of its term this week, and we get more on
that from Bloomberg's Amy Morris.
In Washington, justices are preparing to release opinions on some
of the biggest issues of the term. Those include President
Trump's push to restrict birthright citizenship and expand the president's
power to fire board members at independent agencies, whether the
president can oust Federal Reserve Governor Lisa Cook.
Now.
The Supreme Court heard oral arguments earlier this year in
Cook's case and appeared skeptical of the administration's removal attempt.
The justices are weighing whether the four cause removal provision
permits a president to bypass due process. In Washington, Amy
Morris Bloomberg Radio.
All right, Amy, thank you. Let's turn to the marcuts now,
where futures are higher as we take off the holidays
shortened trading week. Right now, SNP futures are up seven
tenths of up percent, Now futures up a third of
up percent, and nasday futures up one percent. Last week,
the S and P five hundred closed below its fifty
day moving average for the first time since April. On Thursday,
we get the monthly jobs report for the month of June.
Then, ahead of that report, Karen the Federal Reserves new
chairman grabs the spotlight. In Europe, Bloomberg's Monica Ricks reports.
FED cher Kevin Warsh will make his debut on the
global stage this week at the European Central Banks Annual
Symposium in Portugal, along with three other veterans of the
two thousand and eight global financial crisis. Over financial stability,
including links to the artificial intelligence boom, will likely loom
large at this event, as well as any hints on
interest rates and the Policy Panel's chemistry. Last year, former
FED chair Jerome Powell got a standing ovation and tons
of praise for standing firm against attacks from President Trump,
Monica Ricks, Bloomberg Radio, all.
Right, Monica, thank you. In company news, Verizon and the
UK's BT Group have a great to create a joint
venture for their international businesses that will have a combined
yearly revenue of about four billion dollars. Verizon agreed to
an equalization payment of six hundred and twenty five million
to BT, and the companies will hold equal voting rights
in the venture.
In Asia, Karen, South Korea is orchestrating investments of at
least eight hundred and eighty billion dollars from companies including
Samsung Electronics and des Kheinez into chips and data centers.
The scale of Korean tech spending underscores the government's urgent
desire to maintain its lead in memory chips that are
crucial to AI.
Nathan us list did.
Bitcoin exchange traded funds are on pace for their worst
month of withdrawals since launching two years ago. Investors have
pulled more than four billion dollars from the thirteen funds
in June. Bitcoin is down more than eighteen percent this month.
This morning, it is up not a third of up percent,
is at about fifty nine eight hundred dollars.
Not so sweet news here, Karen.
One of the world's biggest chocolate makers, is headed for
its worst quarter in seventeen years. Lint, known for its
golden fall wrapped easter bunnies, has seen its sales volumes
eroad after raising prices last year by nearly twenty percent
on the back of surging cocoa prices. The chocolates heer
is set for its worst quarterly showing since two thousand
and nine, when it grappled from with the fallout from
the global financial crisis.
Time now for a look at some of the other
stories making news in New York and around the world.
And for that we're joined by A. Bloombery's Michael Barr. Michael,
Good morning, Good.
Morning, Karen. The Northeast, including New York, is in for
some high temperatures and humidities starting Tuesday and lasting through Friday.
With more here's Bloomberg medeaurologist Craig Allen.
An extreme heat watch has been posted. Temperatures will likely
run fifteen to twenty degrees above normal, with highs in
the upper nineties to low one hundreds, and the humidity
will be stifling too. So from DC up through Philly
to New York City and up to Boston, the heat
indeck some measure of what the combination of heat and
humidity will make it feel like. Expect some cities and
towns to approach one hundred ten degrees or higher, and
worse yet, urban areas.
May not cool down below eighty at night.
And don't be surprised if late day thunderstorms pop up,
but they will offer little relief.
Bloomberg meteorrologists Craig Allen rescued teams race against the clock
to pull survivors from the rubble in Venezuela, days after
two powerful earthquakes shook the northern state of Laguira. The
government reported fourteen hundred and fifty dead from Wednesday's quakes.
Thousands have been reported missing. New York City mayors are on,
Mamdani said last time. Tuesday state primaries show that American
voters are looking for a new kind of politics, and
Donnie backed left wing candidates running on democratic socialist platforms
defeated incumbents, and the Democratic primary results, and Donnie says
he believes a democratic Socialist can get elected anywhere across
this country for any position.
We need a party that's able to recognize the strengths
of this economy and understand that it hasn't reached enough people.
Mayor Mum. Donnie spoke on ABC's This Week, which can
be heard Sundays on Bloomberg Global News twenty four hours
a day and whenever you want it with the Bloomberg News.
Now Michael Barr and this is Bloomberg Karen.
Thanks Michael all the time. Now for our Bloomberg Sports updating.
For that we bring in John stash.
Hour sins down in the Red Sox and the Yankees
began a four game series in Boston. With the Socks
only twelve and twenty five all year at home, they
lost to eleven of the last sixteen games. Hadn't had
a four game win streat golf season. They swept the
Yankees in the four game series. They won a wild
game last night, five to four in Timmy's at the
Travelers Golf near Hartford. Scottie Scheffler and Victor Hoblin finished
twenty one under para was too dark to finish because
they had a rain delay. They'll be back this morning
for the playoff. Canada with a one nil win over
South Africa at the World Cup. That's the Bloomberg Sports Update.
Stay 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.
Both the US and Deran said they planned to start
talking again after several days of attacks and counterattacks centered
on the Strait of Hormuz. Ben Road served as Deputy
National Security Advisor in the Obama administration. He says diplomacy
still has a chance.
It's not gonna be easy, but less and until the
Trump administration, the President himself can kind of stay off
truth social here, I think you might have these kinds
of flare ups.
It's Hardberg, Deputy Nowational Security Advisor, Ben Rhoades. He was
a guest on Bloomberg This Weekend, heard each Saturday and
Sunday morning on Bloomberg Radio. Joining us this morning is
Mark Champion, who covers the Middle East for Bloomberg Opinion.
Market's great to speak with you this morning. How seriously
was the ceasefire tested over the last few days and
can diplomacy get back on track?
Good morning, good morning.
Yes, it was a serious test, a predictable one. Essentially,
what you have in the Memoran of understanding is a
document that was vague enough that both sides could walk
away from it saying, well, that enables us to con
use the document in order to try and get the
goals that we would also try to get through the war.
And so it makes it inherently instable, unstable, and you
know you have various places where that's going to show.
Holl moves.
The straight of horror moves is you know, the most prominent.
And you know clearly the Iranians they looked at what
the Americans were doing. They'd opened a channel off the
coast of Oman and you know, shipping was going through.
The Iranians are insisting that they are going to exit
this war in full control of the Strait, able to
charge fees from the Strait, which you know some of
their officials have been talking about as much as forty
billion dollars a year in revenue. So those are their goals,
and they were affronted, you know, by the US sending
ships through without you know, registering with the new Iranian authority,
and so this is where you had the kind of
confrontation come up. The Iranians said, you know, if you continue,
we will we will blow things up, and they did.
So we're kind of back, but those things have not
been resolved. Do you have similar things going on in Lebanon?
Were you?
Also? The deal covered Lebanon?
But both sides are you know, I have completely different
ideas of how that's supposed to end up.
So we do still have very different ideas, it seems,
about how the Strait of horror Moves is going to
end up as well, with the US pushing back at
this idea of Iran charging tolls or insurance or whatever
you want to call it through the Strait of horr moves.
Is sixty days enough to resolve that issue above and
beyond the nuclear issue for Iran?
It's unlikely.
I mean, it's almost impossible to imagine a full, meaningful
nuclear deal being struck within sixty days. That's an extraordinarily
technical issue. And the same really goes for hor moves
in the end, there's going to have to be something
worked out, something like you know, you have the Treaty
of Montreux, which covers the data straits the Bostorus, and
that allows very limited described fees to be charged by
Turkey in order to you know, service for piloting and
for environmental costs and so on. But there you're talking
about at the moment around two hundred and fifty million
dollars a year being taken from around fifty thousand ships
going back and forth through these straits. You know, the
range is obviously have a very different idea. Also, they
share the strait with Oman, so you know it's going
to be that much more complicated and you might want
you know, an international body being involved, like the Straits
of Malaca. So a lot of things to work through
and very very different ideas of what the purpose is.
So in our last thirty seconds mark what kind of progress,
if any, can we expect from the talks that we're
expecting to resume in.
Doha this week.
Well, progress is not war and not returning to war,
and then I think you'll just there'll be a very
kind of long, slow stop start process with plenty of
interruptions like the ones that we've just seen this weekend.
This is Bloomberg Daybreak, your morning podcast on the stories
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