David Weston, Brian Curtis, Vinny Del Giudice discussed on Bloomberg Daybreak


Wall Street. We check the markets every 15 minutes Throughout the trading day on Bloomberg S and P futures down seven points this morning Dow futures down 74. As day futures down 23 the DAX in Germany is down. 1.2% the 10 Year Treasury up for 30 seconds. Yield 1.45% and the yield on the two year 20.24% Amy Karen will have more on the markets in just a minute. But first we start with the race for New York City Mayor. A major blunder in the vote count has turned that election upside down. Let's get the latest live with Bloomberg's run it a young Grenada Amy one. Preliminary results came out yesterday It looked like former Sanitation Commissioner Catherine Garcia was narrowing the gap with the front runner, Brooklyn borough president Eric Adams. But New York City election officials mistakenly counted about 135,000 dummy ballots that skewed the outcome and forced them to retract the results. Those extra votes were the result of pre election testing of new software being used for ranked choice voting. It turns out those test votes were never cleared out of the system before the real voting began. Now, keep in mind. This was the city's first major test of a new ranked choice voting system. The board of Elections now says the winner of New York City's Democratic primary for mayor may not be known until July 12th in New York. I'm rainy day young Bloomberg daybreak. Turning to Capitol Hill. There's a rare show a bipartisan unity this morning over tax policy. 18 House members from both sides of the aisle are pushing to include state and local tax deductions in upcoming legislation. The so called assault deductions is a top priority for New Jersey Governor Phil Murphy, who wants more tax relief for Garden State residents. We're doing a lot of tax reliefs. Folks are going to start getting in the middle class checks in the mail at the end of this week, so we get a lot lot going at that. It's not solved, but we're making progress. New Jersey Governor Phil Murphy spoke with David Weston on Bloomberg's balance of power. You can catch the show weekdays at noon on Bloomberg Radio and Television turning to the economy, now a key name at the Federal Reserve wants to start scaling back asset purchases sooner than expected. That Governor Christopher Waller wants to start by tapering mortgage backed securities. He says the economic outlook is strong, though the labor market still has room to recover. Really, The only remaining thing is the labor market hasn't quite come back. So unemployment still much higher. Even though it's in good shape at 5.8% relative to other recessions, unemployment rate would have to drop fairly substantially or inflation would have to really continue at a very high rate before we would, you know, take seriously rate hike in 2022, but I'm not ruling it out. That Governor Chris Waller made those comments in an interview with Bloomberg's Kathleen Hays. And speaking of the labour market, We get a key reading this morning ahead of Friday's jobs report at 8:15 A.m.. Wall Street time payroll provider. ADP issues data on business Hiring. Economists forecast a gain of about 600,000 new jobs in June. Bloomberg's Vinny Del Giudice has more businesses are rushing to find workers as the U. S economy awake from the nightmare of Covid 19 Mace ADP report showed a gain of almost one Million private payroll jobs, the most since June. 2020 Bloomberg economic says leisure, hospitality and transport lead June hiring is the economy reopens the government issues official employment data Friday Guys Bloomberg Daybreak. Any thank you. And we'll get reaction to that. ADP report plus more on Fed policy coming up later today when we speak with Dallas Fed President Robert Tabl in training for that at noon, Wall Street time on Bloomberg radio and television. Economic activities. Also in focus in China today, data on manufacturing was little changed in June, suggesting Beijing's recovery is stabilizing at a solid pace. Bloomberg Daybreak Asia anchor Brian Curtis has more from Hong Kong. The official. PMI slipped to 50.9 in June, but did top estimates of 50.8. The non manufacturing gauge, fell to 53.5 lower than the 55 3 in a Bloomberg survey. The data add to signs that China's recovery is steadying after rapid expansion from the pandemic. Some bottlenecks remain, though supply chain issues are one raw material prices. Another Still, growth is becoming more balanced among sectors. Top policymakers say the economy is stable and strong, even though global and domestic risks remain in Hong Kong, Brian Curtis Bloomberg daybreak Brian. Thank you. And in corporate news out of China, the ride hailing service Didi has raised about $4.4 billion in its U S. I, P. O D. D is the second largest U. S listing of a Chinese company after Alibaba shares begin trading today on the New York Stock Exchange. Turning to the markets. Now U. S stocks are closing out the first half of the year in record fashion, both the S and P 500 NASDAQ art all time highs. Pimco Portfolio manager Aaron Brown sees room for big tech to move even higher, given how oversold the tech sector was and given how on evaluation basis relative to value sector has his really underperformed. We think that Tech is right to buy. Pimco's Aaron Brown also supports moves into commodities and real estate investment trusts. So far this year, the Bloomberg Commodity Index is up nearly 20% and speaking of commodities oil is in focus this morning ahead of a critical OPEC meeting. Preliminary talks were set for today, but now they're being postponed. Some ministers have more time to reach a compromise. OPEC and its allies are considering how far the hike output is. Global demand bounces back. The alliance will now get the minutes advisory body the same day as its main policy meeting tomorrow, checking oil right now, Nymex crude is at 1% or 74, cents at $73.72 a barrel straight ahead your latest local headlines plus a check of sports And this is Bloomberg..

Coming up next