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Bloomberg Brief (06/27/2024)

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Opinion’s O’Brien Expects Gridlock in Washington After Democrats Take Back Congress

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President Donald Trump congratulated Democrats for doing “a good job” after the party inflicted devastating defeats on his Republican allies, winning back both houses of Congress and picking up several governors’ mansions.
But the president, in an interview with Fox News early Wednesday morning, didn’t take responsibility for a long night of GOP defeats.
Tim O’Brien, Senior Executive Editor: Bloomberg Opinion, discusses the legacy of Donald Trump, his reaction to the GOP loss, and how he may govern in his final two years in office.
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Oaktree’s Marks on Long-term Investing

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Howard Marks, Co-Chair at Oaktree Capital Management, says investors should build a portfolio of assets that can perform over the long term. He speaks exclusively on “The China Show”.
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Anthropic Files for IPO, Plans to Trade on Nasdaq

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Anthropic PBC has filed its long-awaited IPO and is expected to begin trading on the on the Nasdaq Global Select Market under the symbol ANT. A filing with the Securities and Exchange Commission shows Goldman Sachs and Morgan Stanley lead the IPO. “Bloomberg Open Interest” has more.
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Tech Rally, Fed Decision & Big Tech Earnings Ahead

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The Close brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today’s guests are Morgan Stanley Private Wealth Management Executive Director Katerina Simonetti, State Street Investment Management Global Head, Gold Strategy Aakash Doshi, City Analyst Ari Rosa, UPS CEO Carol Tomé, Goldman Sachs Asset Management Global Head of Multi-Asset Solutions Alexandra Wilson-Elizondo, Tola Capital Founder & Managing Director Sheila Gulati, Montage International Chairman, CEO & Founder Alan Fuerstman, Former Fed Governor Randy Kroszner, & RBC Capital Markets Head of US Rates Strategy Blake Gwinn.

Chapters:
00:00:00 Tech Rally, Fed Decision & Big Tech Earnings Ahead
00:02:04 Morgan Stanley on AI, Market Rotation & Portfolio Strategy
00:08:47 Gold Outlook, Higher Rates & the Fed
00:15:43 Top Calls
00:16:40 UPS Earnings, Pricing Power & Freight Recovery
00:22:08 UPS CEO Carol Tomé on the Company’s Turnaround
00:27:15 Health-Care Logistics, GLP-1s & UPS Growth
00:32:44 UPS Succession, Automation & Productivity
00:37:26 Teamsters, Labor Negotiations & the 2028 Contract
00:42:48 UPS on Holiday Demand & the K-Shaped Consumer
00:46:35 Goldman Sachs on AI Financing & Market Risk
00:50:08 The Closing Bell
00:53:03 Market Movers: Western Digital, JetBlue & Boeing
00:57:06 Robinhood, Visa & Seagate Report Earnings
01:02:50 Big Tech Earnings & the AI Trade
01:05:02 Microsoft, Azure & the Return on AI Investment
01:09:29 Microsoft Buyouts, AI Jobs & Corporate Culture
01:12:08 Israel Election Exit Polls & Coalition Outlook
01:15:21 Montage International CEO on Luxury Travel & Consumer Resilience
01:20:02 Luxury Hotels, Global Expansion & the Middle East
01:22:25 Fed Decision Preview & Inflation Risks
01:27:10 Labor Market Risks & the Fed Rate Outlook
01:29:19 RBC on Fed Hikes, Treasury Yields & Warsh
01:35:12 What to Watch
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Global Tech Selloff Deepens as US Midterms Trigger AI Fears

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Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from Brussels, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we’ll tell you what matters for investors in Europe, giving you insight before trading begins.

The global stock selloff worsened in Asia, with a regional benchmark dropping the most in more than a year, on concern the US will tighten regulations on the AI industry after Democrats’ decisive election win. European futures also headed lower.

Secretary of State Marco Rubio is weighing whether to leave the Trump administration, people familiar with the matter said, as he considers his next moves following Republicans’ midterm elections wipeout this week. Rubio dismissed the report, telling the New York Times in an interview Thursday that he didn’t know where the information was coming from.

And Bank of England Governor Andrew Bailey said another interest-rate hike is more likely than not if the high energy costs seen in recent weeks return.

Today’s guests: Stéphane Boujnah, Euronext, CEO; Ellie Henderson, Investec, Economist.

Chapters:
00:00:00 – Daybreak Europe
00:01:20 – Worst Rout Since 2020 Leaves Virtually Nowhere to Hide in Stocks
00:03:26 – Korea’s $1.7 Trillion Rout Burns Day Traders, Challenges Lee
00:08:05 – Crowded Hedge Fund Trades Are Unwinding Fast After Ugly October
00:12:48 – Rubio Weighs Leaving Administration After GOP’s Midterm Loss
00:16:33 – What the Democrats’ Sweep of Congress Means for Trump
00:18:59 – Strikes Disrupt French Trains, Metro and Schools
00:23:11 – Stock Slump Heads for Europe After Asia Tumbles
00:28:51 – Stéphane Boujnah, Euronext, CEO
00:39:07 – Ellie Henderson, Investec, Economist
00:43:07 – Bailey: Bigger Risk Premium Not a Surprise
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