US and Iran Talk in Doha; Trump's $1.4 Billion Crypto Haul

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 developments in the Middle East.
A senior administration official says US negotiators have had positive
discussions with regional leaders in Katar and technical talks where
Ron are moving ahead. We get more from Bloomberg Middle
East correspondent of Birabu Omar.
What we've heard from our own sources is that the
meeting between Jared Kushner and Steve Whitcoff, those are President
Trump's two top negotiators with the Iranian side in Qatar,
had went positively.
We don't have a lot of details yet.
What we have from the American side was that some
concessions were reached. What we have from the Iranian side
through the top negotiator in Iran and the speaker of
the parliament there, Kladibav he said that twelve billion dollars
in frozen assets are in the process of being relieved.
We don't have American confirmation of.
That, and then he said that the oil sanctions on
Iran have been lifted.
We also don't have confirmation on.
That, Bloomberg Sabirabu Almar reports the indirect talks will continue today. Meanwhile,
Iranian state television is reporting a foreign container vessel ran
aground in the Strait of Horror Moves today. The report
says the ship did not follow Iran's approved route through
the waterway and shippers need to follow the Islamic Revolutionary
Guard Corps instructions in the Strait.
Now, let's get to domestic politics. Nathan Colorado held its
mid term primary elections last night, and in several key races,
progressive insurgents took down establishment incumbents in the Mile High state.
In the first district, twenty nine year old Democratic socialist
Maylack Heiros unseated nearly thirty year Congressoman Diane to get
fifty one to forty two percent.
Then for voters of all ages, of all races, of all.
Religions, that's a clear message.
Wait, well, not right.
That was mail At Kiro sent her victory speech last night.
She'll face Republican Christy Peterson in November. She ran unopposed.
Well, it was a bit of a different story in
Colorado Senate primary, Karen incumbent John Hickenlooper held off a
challenge for him self described insurgent progressive Julie Gonzalez fifty
five to forty five percent. Hicken Looper will face on
opposed Republican Mark Baisley in the general election, but in
the closely watched eighth District, the more progressive Democrat in
that race, Manny Routinel, beat Shannon Byrd in a landslide
sixty one and a half to thirty four percent. Rudnell
will now try to unseat Republican Gabe Evans in a
district that has changed hands since it was created five
years ago.
And in Colorado's Democratic governor's race, Nathan State Attorney General
Phil Wiser defeated Senator Michael Bennett fifty six to forty
four percent.
And Colorado in the face of a lawless, bullying Trump
administration trying to intimidate us whipperay w rip away our
rights and freedoms, You made it clear that we need
a leader will fight back.
Never been the knee.
Phil Weiser will face the winner of the Republican primary
to replace term limited Governor Jared Polis. The race is
still too close to call, with eighty eight percent of
votes counted. State Senator Barb Kirkmeyer has forty percent, and
pastor and Marine Corps veteran Victor Marx is at thirty
nine point six percent.
In Washington, Karen House Speaker Mike Johnson's latest attempt to
advance the Save America Act as failed. That's caused a
delay for a must pass defense bill. Bloomberg Zamy Morris
reports from the nation's capital.
Thirteen Republicans voted against the measure that would have set
rules for debate, with GOP hardliners arguing it would make
it too easy for the Senate to remove provisions of
the Save America Act. Senate leaders have said they can't
pass it as a standalone measure, so Johnson moved to
attach it to the must pass Defense bill, but that failed.
Now Republicans are weighing their options, including amending the Defense
bill with provisions from the Elections bill or using a
fast track process to bypass the filibuster. In Washington, Amy
Moore as Bloomberg Radio.
All right, Amy, thank you. Let's turn now to the
Supreme Court. The Justices use the final day of their
term to reject a central plank of President Trump's immigration agenda,
finding that his executive order to limit birthright citizenship to
children with at least one US citizen parent does not
square with the Fourteenth Amendment. Begin more from Bloomberg News
senior reporter Miles Miller.
It now throws the president's immigration agenda sort of into
a flurry. What is left to figure out is what
happens with USCIS. Is there further litigation risk. There's a
lot of questions still unanswered, but a big win for
people in the immigration community who were saying that this
was fundamentally going to change the way that the US
has operated for one hundred fifty years.
And Bloomberg's Miles Miller reports the Supreme Court six conservative
justices spend much of the term issuing decisions to expand
presidential power, hands gun rights, eliminate campaign finance restrictions, and
blunt the Voting Rights Act, But they took a more
cautious tack on President Trump's tariffs, his bid to fire
Fed Governor Lisa Cook, and a birthright citizenship. President Trump
may try to get the Supreme Court on his side
one more time. His lawyers say he may ask the
High Court to reconsider its decision to turn away his
appeal of e Gene Carroll's five million dollars sexual abuse lawsuit.
Well, Karen, President Trump has issued his latest annual financial disclosures,
and he reported a big return on some of his businesses.
Bloomberg's John Tucker is here with the look John. Good morning, Yeah,
good morning.
Nathan.
Trump reported earning at least one point four billion yeah,
that's billion with a bee last year from crypto and
meme coin related businesses. Now, this disclosure is reigniting concerns
that Trump is using the presidency to churn out personal profit.
Critics accused him of mixing his official duties with his
financial interests. With a crypto Hall was by far the
largest source of the present cident's income. The disclosure lists
more than six hundred and eighty pages of transactions. Nvidia, Microsoft, Netflix,
and Exon Mobile among the most frequently traded stocks in
his portfolio. Trump's networth is now an estimated seven point
six billion dollars, according to the Bloomberg Billionaires he Index.
And with all that money, Trump isn't paying for his
own tickets. The disclosure show he received about one hundred
and twenty thousand dollars in tickets to high profile sporting events.
Most recently watched the next during the NBA Finals at
MSG in New York. Coom John Tucker Bloomberg Radio, all right.
John, thank you.
The US government has lifted foreign access restrictions on Anthropics
Fable five AI model. The move comes after Bloomberg reported
that Anthropic executives held private talk with Commerce Secretary Howard
Lutnik about the model's safety parameters. The reversal comes three
weeks after Washington blocked overseas access and what was its
biggest intervention yet in the EI industry's.
Talk about the weather, Now, Karen, because extreme heat is
expected across much of the Northeast and mid Atlantic, we
get the very latest from Bloomberg meteorologists Craig Allen.
The sweltering heat begins today and it will last into
the July fourth weekend. Alerts for the heat, mostly extreme
heat warnings, are in effect, with temperatures reaching the upper
nineties in DC today, middle nineties in New York City,
Boston and nearby urban areas. The humidity will be stifling
two so from DC up through Philly to New York
City Boston, the heat index will make it feel like
one hundred to one hundred ten degrees today, perhaps higher tomorrow,
and knights may not drop a low eighty in the
urban areas, and this is dangerous if there is no
way to cool off the body. Please adhere to the
protocols if you are feeling any type of heat illness.
Right Bloomberg Meteorologists, Craig Allen, thank you, and of course
we'll be checking in with Craig throughout the morning. The
weather not the only thing that's red hot. The first
half of twenty twenty six is in the books, and
it was the best quarter for stocks in six years.
Traders are now looking for the third quarter and beyond,
and we get more with Bloomberg Stirlipellett.
For the quarter of the S and P five hundred
index was up fourteen point nine percent, fueled by optimism
over AI spending. A rally in chip stock signs of
economic resilience as well as the outlook for corporate earnings.
Sima Shaw is chief Global Strategist at Principal Global Investors.
So we're very clear that the direction of travel is
still up with for markets, but you're unlikely to see
the same kind.
Of matitude of games. If we've had in the last
three months.
Chip stocks were the standout during the quarter, with the
Philadelphia Stock Exchange Semiconductor Index having its best quarter ever,
up eighty eight percent. In New York. Charlie Pellet, Bloomberg Radio.
All right, Charlie, thanks Today, investor attention turns to Portugal,
where central bankers, including FED Shair Kevin Warrish, you're speaking
at the European Central Bank Forum in CenTra. Paul Dobson
is executive market seditor for Bloomberg.
What they're hoping to hear, I think we can talk
about what they're worried they're going to here, which is
the idea that the new f ED chairman is going
to double down on his sort of stance on inflation,
which is the FED wants to get it back down
to target to gain credibility. What that's been doing recently
has been pushing up our short term interest rates in
the US, and that in turn has been buoying the
dollar and weighing on currencies all around the world.
That's Bloomberg Executive Market Senator Paul Dobbs, and you can
catch Kevin Warsh's remarks live starting at nine am Wall
Street Time on Bloomberg Radio and the Bloomberg Business app.
Only then the dollar is edging higher ahead of the
FED Chairman's speech. In fact, that yen remains sner a
forty year low. And when then the chief economist at
Bank of NASA says, the Bank of Japan needs to
take action, They need.
To hike rate.
I think they're reluctant to you because the economy is
sort of vulnerable with the Iran conflict. But I think
when comes to shove, you'll have to intervene, and I
think you'll have to higrates a little more aggressively.
And back of downside.
Chief economists Whin Thinn checking the yen right now, has
said one sixty two point sixty eight against the dollar.
We're watching shares of Nike in the pre market, Karen.
They're down nearly four percent. The sportsware makers expecting a
slow down in the coming quarter. Nike blames the timing
of wholesale shipments in North America, among other factors, and
says its customers are under pressure around the world. Nike
stock is down thirty six percent this year.
And Nathan Microsoft is reportedly planning job cuts. The Insider
reports the cuts will impact thousands of roles, including sales
and consulting. Microsoft is rating and costs as it ramps
up spending on AI. The software giant raised about six
hundred billion dollars in market value in June 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 and Michael Barr and Michael, good morning.
Good morning, Karen. The death troll from the earthquakes that
struck Venezuela rose to nearly two thousand as authorities expanded
recovery efforts. About twenty thousand people survived the disaster in
the hardest hit coastal state of Laguira, and the earthquakes
left more than ten thousand people injured in fifteen thousand displaced.
But almost a week after the twin quakes, there are
moments of hope and joy. Survivors are still being pulled
from the brubble, and rescue squads from all over the
world have not given up. Rescue squad officer Sean Butler
says that is why he and his team from Los
Angeles are staying. Butler says they were on the roof
of a collapsed building and heard sounds.
We believe there's somebody alive right now. When we use
our listening devices, we can hear tapping on the concrete
when we call to them.
One rescue included a three year old boy discovered by
searchers from Jordan, using cameras to monitor him until they
could finally get him out. He is said to be
in good shape. New Jersey Representative Tom Kane Junior revealed
that he has been treated for depression as he returned
to the US House to vote for the first time
in nearly four months. Cain said he was diagnosed while
undergoing testing for undisclosed health concerns and initially did not
expect the treatment to involve such a long absence from Congress.
Cain spoke on the House floor Tuesday.
To my constituents. Thank you, thank you for your patience,
thank you for your understanding, thank you for your prayers,
and thank you for allowing me the honor of serving you.
Cain's Democratic opponent, Rebecca Bennett, said she is relieved that
Cain is well, but criticized him for making stock trades
while missing votes and failing to serve the community. Cain
and Bennett will face off against each other. In the fall.
Thousands of demonstrators have gathered in South Africa to protest
to illegal immigration. This marks the largest migration related protests
since two thousand and eight. Activists blame migrants for unemployment
and crime and gave the government a deadline that ended
yesterday to remove all migrants in the country illegally. The
government has rejected the deadline, stating only authorities can enforce
immigration laws. Global News twenty four hours a day and
whenever you want it with Bloomberg News Now Michael Barr
and this is Bloomberg Karen.
Thanks Michael.
A time now for our Bloomberg Sports Update, and for
that we bring in John Stashauer.
Thanks Darren.
On the day that forty four year old Serena Williams
came out of her retirement, forty one year old Lebron
James gave word that he's not retiring. He'll come back
for a twenty fourth NBA season, but it won't be
with the Lakers. He'll be a free agent. The word
is he could be hooking up with Steph Curry at
Golden State or maybe returns to Miami or Cleveland. As
for Serena, she lost her first round match at Wimbledon
to twenty year old Maya Joint that came in three sets.
It's the US against Bosnia Herzegovinia tonight in the World Cup.
That's a Bloomberg Sports update.
Cool.
Stay with us.
More from Bloomberg day Break coming up after this.
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. Positive Discussions is how a senior Trump
administration officials describing the latest indirect talks with Iran for
US envoys Steve Whitcoff and Jared Kushner. Discussions are expected
to continue today in Qatar's capital. For the very latest
and for more on the politics of the moment, we
are joined by Terry Haynes, the founder of Pangaea Policy.
Great to have you on with us this morning. Terry,
positive tone coming out of Katar. What's your read on
the discussions such as we've heard about them so far
out of Doha? Good morning, Good morning, Nathan.
A couple of things. One is that what we have
here is a process of gradually kind of surrounding Iran
and been kind of denying it, negotiating freedom of movement
as much as anything else. Marked the will always prefer,
as Churchill said, jaw jaw rather than a war war.
So that's certainly a market positive. And more broadly, if
Iran's endgame is straight of hor moves as controls as
widely thought, I think there are four reasons why they
don't get that. First, the UN law the Sea Treaty,
which would deny them that any final deal has to
be approved by the UN. UN is not going to
blow up its own treaty over the straight of Horm moves.
And I say Congress would not approve any deal. The
Gulf States wouldn't agree to any deal. They're not interested
in giving up sovereignty over what hereof has been international waters.
Iran and Oman know all this. So the idea of
maximum leverage over the straight of Horm moves I think
is a little bit overblown. So, you know, after the
press reports today, including Bloomberg's which I've read, the direction
of travels positive, that's a good thing for markets.
Report from Iranian state television this morning that a foreign
container ship ran aground because it didn't follow Iran's approved
route through the strait, saying that vessels need to follow
IRGC instructions. Could Iron be reasserting its influence over the
strait this morning.
It could be reasserting its influence. It could also be
reasserting its influence over its own airwaves and putting out
a lot of reports that have questionable credibility. We don't know, obviously,
you know, not only that the situation I think is
best is confused, which is leading to shipping, you know,
not just deciding everything's open and everything's okay. This is
going to be a gradual process. And so where we are,
I think is the gradualness of the straight reopening continues.
But again I think the direction of travel is good.
You got to get your take on the direction of
travel for the Democratic Party after last night's Colorado primary.
Is a long time incumbent in the first district lost
to a twenty nine year old Democratic Socialist in the
first congressional district. Is a progressive wave moving through the
Democratic Party.
I think the you know, there's been a lot of
debate about whether or not the you know how, the
progressive wing and the centrist wing or fighting with each other.
My view has been for a few months now that
that battle is over and the Centrists of largely lost
the energy and the money, and the party, including you know,
non elected people and fundraisers, has long been with the
progressive wing. They frankly kind of outstripped their kick, their
coverage in that regard. And you know what you're seeing
here in primaries, we're only the kind of the hardcore
come out. Uh is that they're good at turning out
their people. Now will that turn into results in a
general election. I'm very skeptical of that. I think. I
think what ends up happening is that Trump and Republicans
are going to brand the Democrats as the crazy party.
I think so a lot of that sticks in places
that aren't full blue states, and you're already seeing the
air come out of the balloon a little bit in
the generals where prominent candidates like Platner in Maine, tell
Rico in Texas can't get the fifty percent of any polls.
Polls aren't definitive, but generally speaking, if you're seeing a
way of support, you're seeing one candidate go over fifty,
they're not there. Not only that, at least one pole
as Collins leading Platner in Maine. Right now, if the
progressive progressives seem to prefer purism over electability, that trend
seems to be continuing. It might even continue in Michigan,
where LSI ed is leading Stevens and McMorrow. If that continues,
Republicans continue to be sixty percent likely to take November.
As I've said for about a plunk.
This is Bloomberg Daybreak, your morning podcast on the stories
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