here is ritika gupta. ritika: in hong kong, it is the highest profile case yet against democracy activists under that new national security law. police have arrested media tycoon jimmy lai and raided the offices of his flagship newspaper. he is accused of colluding with a foreign country to endanger national security. meanwhile, china is retaliating for the u.s. decision to sanction 11 chinese officials over the crackdown in hong kong. beijing says it will sanction 11 americans. another move by the u.s. is likely to stem tensions with china, the most senior visit by any u.s. official to taiwan in more than four decades. health and human services theetary alex azar raised taiwanese president's response to the pandemic, calling democracy and inspiration to the region of the world. some u.s. governors are pushing back again as president trump's exec at of action on added unemployment benefits. offer $400n order to a week in supplemental pay. the catch states -- the catch, states have to kick in more than 25%.

i'm ritika gupta. this is bloomberg. ♪ i'm ritika gupta.his is bloomberg. ♪ vp pence: where we fought for free and fair trade, and this president stood up to china and ended the era of economics orinda, joe biden -- economic surrender, joe biden has been a cheerleader for communist china. we already gained back nine .3 million jobs in the last three months alone. tom: night after night of the democratic national convention and the republican convention, a look back at the previous evening's festivities. right now on a thursday, no one cares, as we look forward to president trump's speech tonight. kevin cirilli joins us. how will the president speak to the people up in sylvania? kevin: he's got ash of pennsylvania -- the people of pennsylvania? kevin: he's got to talk about jobs, as well as the energy sector. this is really going to be what you saw in president trump convention speech four years ago in cleveland, ohio. that is a different type of temperament and much more moderate tone, with occasionally sprinkled in some classic, quintessen

here's ritika gupta.f the worst -- the state has instituted the first rolling blackout since the 2000 when energy crisis. authorities are trying to protect the system strained by so many people using air conditioners. temperatures and parts of california may reach 112 degrees this week. japanese prime minister's shinzo abe visited a tokyo hospital several hours today. he said it was for a health check, but his avoidance of extended public appearances recently has sparked speculation about his health. the country's largest serving premier has not held a news conference since june and has added debate issues such as the coronavirus outbreak. sendingch government is -- more french towns are imposing mask laws beginning today. more than 3000 new covid cases were diagnosed since tuesday. -- since sunday. in belarus, it was the biggest antigovernment protest yet. tens of thousands of .emonstrators gathered in minsk president alexander lukashenko denotes the protesters as rats, trash, and bandits. global news 24

i am ritika gupta.dent trump is turning up the heat on congressional negotiators. he says he may take executive action to stop evictions and an active payroll tax holiday. republicans and democrats say they have made some progress in negotiations but they are still far apart on key issues. china's next target in the growing tensions with the u.s. could be american journalists in hong kong. that is according to the editor-in-chief of china's global times. it has become known for accurately predicting beijing's action. he says if chinese journalists are forced to leave the u.s., the chinese will retaliate against american reporters in hong kong. argentina moves closer to ending a month-long standoff with investors. it says the deal passed by the large editor group to restructure $65 billion of debt. that may open the way for one of the world's most notorious borrowers to climb out from its third default in two decades. here in new york, facebook has signed a lease for all of the open space at the farley b

i'm ritika gupta. bernie sanders all but begged his progressive followers to vote for joe biden last night. he spoke on the opening night of the democratic convention. sen. sanders: let us be clear. if donald trump is reelected, all the progress we have made will be in jeopardy. at its most basic, this election is about preserving our democracy. ritika: sanders acknowledged that biden's health care plan fell short of his vision. president trump added a trip to iowa to his schedule today. his support has been slipping in on in 2016,w suggesting it is up for grabs for joe biden. the trump administration moved to curb huawei's access to commercially available chips to prevent adoption of the company's 5g technology. president trump told fox he doesn't want huawei equipment here because "they will spy on us." canada's finance minister has resigned after a rift with prime minister justin trudeau proved impossible to repair. that leaves trudeau with a major hole in his cabinet in the midst of a recession. he

i'm. -- i'm ritika gupta. this is bloomberg. ♪ mr.bama: this president and those in power, those who benefit from keeping things the way they are, they are counting on you. >> they kicked dirt in the face of everyone else, but we can build a thriving economy by investing in families and fixing what is broken. >> i know something about the slings and arrows she will face, and believe me, this former district attorney and attorney general can handle them all. sen. harris: let's fight with conviction. let's fight with hope. i accept your nomination for vice president of the united states of america. that kevin accept cirilli will work 15 hours a day. our chief washington correspondent here with prospective on those voices we heard last night. our convention coverage, 9:00 to 11:00 tonight with david westin and kevin cirilli participating. the theme to me right now is a negative vote. not so much, i want to vote for trump, i want to vote for biden. but i will not vote for trump, i will not vote for biden. tell me about the dynamics of the

i'm ritika gupta. in hong kong, the highest profile case yet to get democracy activists under the new national security law. police arrested media tycoon jim li. meanwhile, china retaliating for the u.s. decision to sanction 11 chinese officials over the crackdown in hong kong. beijing says it will sanction 11 americans, but none are members of the trump administration. another move by the u.s. is likely to stoke tensions with china, the most senior visit by a u.s. official to taiwan and more than four decades. health and human services secretary alex azar praised the taiwanese president's response to the pandemic. democracyd taiwan's and inspiration to the region in the world. bill gates says it is mind blowing that the u.s. hasn't improved coronavirus testing. the microsoft code founder said that the process is slow and lacks fair access. you can't get the government to improve the testing because it just wants to say how great it is. donatedd his wife have $350 million towards coronavirus research.

i'm ritika gupta. the pictures are incredibly intense. an explosion at a warehouse in beirut was felt miles away and filled hospitals with casualties. reports say at least 100 were killed and 4000 injured. lebanon's government says almost 3000 tons of flammable ammonium nitrate has been stored in the building since 2014. they are not saying whether the blast was caused by an accident or an attack. the white house and democrats are trying to strike a deal on virus relief legislation by the end of the week, according to treasury secretary steven mnuchin. mnuchin says the two sides aren't close to a deal yet, but they did agree to set a timeline. one of the main sticking points is still the extension of supplemental unemployment benefits. it will be the highest level visit to taiwan by a u.s. cabinet official since 1979, and is seen as a challenge to china. health and human services secretary alex azar will arrive in taipei and the coming days to discuss the global response to the coronavirus. taiwan's re

i'm ritika gupta. a warning from the national hurricane center. it now says hurricane laura will rapidly strengthen to a category four storm, with winds of at least 130 miles an hour. the storm is expected to make landfall late today or early tomorrow. it has already disrupted oil and natural gas operations. on the second night of the republican national convention, speakers tried to humanize president trump. first lady melania trump spoke from the rose garden. to usemp: i don't want this precious time attacking the other side because as we saw last week, that talk only serves to divide the country further. husband'swe need my leadership now more than ever in order to bring us back once again to the greatest economy and these druggist country ever country the strongest ever known. ritika: secretary of state mike pompeo said the country has made historic progress towards peace in the middle east. in wisconsin, the governor has declared a state of emergency. there was another night of violent protests ke

i'm ritika gupta. this is bloomberg. ♪ pres.rump: china would own our country if joe biden got elected. theme biden, i will hold fully accountable for the tragedy that they caused all over the world. our nation ands, the world has been hit by the once in a century pandemic that china allowed to spread around the globe. tom: the president of the united states last night at this most unusual convention. he chose to be at his white house, where mr. biden, of course not having that opportunity, had a more virtual zoom convention. rick davis joins us now, our bloomberg contributor, and stretching from the alabama young republicans of the time i think after the collapse of the whig party, and on to his leadership in the mccain effort as well. rick davis joins us this morning. rick, i have to ask about the use of the white house as a backdrop. clearly, "the apprentice" people were brought in. i thought they were very successful in giving us a tv extravaganza. how will republicans take that, and will it endure? rick: i don't know if it

i'm ritika gupta. warning today from the national hurricane center. it now says hurricane laura will rapidly strengthen to a category four storm with winds of at least 130 miles per hour. it is expected to make landfall late today or early tomorrow along the louisiana-texas coast, and could bring with it a life-threatening storm surge with a wall of water 15 feet high. ed has already disrupted oil and natural gas operations throughout the region. on the second night of the republican national convention, speakers tried to humanize president trump and highlight his leadership. first lady melania trump spoke from the white house rose garden . this trump: i don't want to use this precious time attacking the other side because, as we saw last week, that kind of talk only serves to divide the country further. i believe that we need my husband's leadership now more than ever in order to bring us back once again to the greatest economy and the strongest country ever known. secretary of state mike pompeo said

i'm ritika gupta. an explosion at a warehouse in beirut was felt miles away. reports are at least 100 were killed and some 4000 injured. lebanon's government says on was 3000 tons of flammable ammonium nitrate has been stored in the building since 2014, but they are not saying whether the blast was caused by an accident or attack. it will be the highest level visit to taiwan by aqs covenant u.s.ial and's 1979 -- by a cabinet official since 1979. health and human services secretary alex azar will arrive in taipei to discuss the response to the coronavirus. taiwan's response has largely been recognized as one of the most effective in the world. in the u.k., a panel of lawmakers has issued a report that is scathing about the way prime minister boris johnson's government handled the coronavirus. it urges johnson to be more open with the british public on travel risks, and said the march lifting of restrictions on all people traveling to the u.k. was an x bookable. bloomberg -- was inexplicable. bloomberg h

i'm ritika gupta. microsoft is trying to salvage a deal to buy the u.s. operations of tiktok. they spoke to president trump about how to secure the administration's blessing to buy the music video app. the president has floated the idea of an outright and on tiktok on national security grounds. the white house and congressional democrats are still far apart on a new coronavirus relief bill. republicans have proposed it and bury extension of the jobless benefits that expired last week. house speaker nancy pelosi says republicans are being condescending when they suggest the payment is too high and should be scaled back. the u.k. is reviewing options for fighting coronavirus flareups. according to "the sunday times," a lot them is being considered if cases continue to spike. imposed ins northwest england show that the government will act when and where necessary. the japanese owner of 7-eleven has agreed to buy marathon speedway gas stations for $21 billion. they are expecting that the extended footprint

i'm ritika gupta. china wants to discuss tiktok and we chat at upcoming trade talks with the u.s.. the chinese will bring up president trump's perspective trump's president perspective bans. joe biden is counting on, harris'-- on kamala harris' ties to the progressive community. he made history by selecting the california senator as a running mate, the first black woman and the first asian-american on a major party ticket. tycoon jimg, media eli has been released from jail, the most prominent figure detained yet under hong kong's sweeping national security law. daily"spaper "the apple is critical to china's communist party. the british economy suffered more than any major european nation during the coronavirus lockdown. that followed a 2.2% drop in the first quarter, and it officially pushed the u.k. into its first recession since 2009. airbnb going public. bloomberg has learned the home sharing startup plans to file paperwork for a stock listing in the next few weeks. stocks could start trading as soo

here is ritika gupta. ritika: joe biden slimes president as a national embarrassment and vowed to what he calls -- to end what because the darkness. wouldd his administration bring about immediate change. >> the days of cozying up to dictators is over. under president biden, america will not turn a blind eye to russian bounties on the heads of american soldiers. with foreignput up interference in our most sacred democratic exercises -- voting. ritika: he said president trump has failed in his most basic duty to protect americans. president trump warns that he'll impose tariffs on u.s. company's that refused to move jobs back from overseas at a campaign to invent in pennsylvania. he said the comedies that do move jobs back we get tax credits. it is not clear if the white house is actually developing such a policy. house speaker nancy pelosi is getting pressure from moderate democrats running in swing states. they want her to reopen stimulus talks with republicans, the so-called blue dog coalition. the house

i'm ritika gupta. president trump may take executive action if congress can't agree on a new stimulus package. the president told reporters he might impose a moratorium on evictions and enact a payroll tax holiday. the white house is also exploring whether the president can act on his own to extend an unemployment insurance payments. president trump insists that if tok's u.s. operations are sold, the u.s. should get a cut. it is not clear on what authority they could extract a payout. the president said tictoc would have to close in the u.s. by september 15 unless an american company buys it. hurricane isaias was downgraded to a tropical storm as it made landfall and moved inland over north carolina. it prompted tropical storm warnings all the way up to maine, including in manhattan. the storm doesn't pose a threat to any major oil refineries or platforms. northern ireland faces a brexit timebomb. it is according to the northern ireland retail consumer authority. transported will require export certifi

i'm ritika gupta. joe biden has accused president trump of fanning the flames of hate and violence. biden spoke after a trump supporter was shot and killed in portland, oregon after a clash with those protesting the shootings of black men and women by police. president trump called his supporters "great patriots." he ended ministers and officials blamed the violence in portland and other cities on democratic officials. president trump praising shinzo abe as japan's greatest prime minister ever, according to a white house readout of a call between the two leaders. e tworesident spoke to ab days after he announced he was resigning for health reasons. he said that the japanese relationship is better that it has ever been. warren buffett's berkshire hathaway is betting $6 billion on japanese trading firms. buffett has taken stakes in five of japan's biggest trading companies. amongst them, mitsubishi and sumitomo. shares of all five companies rose at least 5% today in tokyo. another sign that china's econo

from news in new york said he, ritika gupta. ritika: democrats are demanding more republicans concessions. chuck schumer says there has been some forward momentum, but he is calling on the white house to do more. white house chief of staff mark meadows says if the two sides cannot agree, president trump make take executive action to extend unemployment benefits on the moratorium. twitter and facebook blocked a video shared by council linked to president trump, both saying the video violated its policies on coronavirus misinformation. in a clip from an interview, the president that children were virtually immune from the coronavirus. says that --state mike pompeo urges american come is to bar chinese applications from their app stores. pose a significant threat to americans personal data. fears of a food shortage in lebanon, the massive explosion in beirut destroyed major grain silos. grading a crisis and a country that imports nearly all of its food, and comes at a time when lebanon is suffering its worst economic crisis in decad

here's ritika gupta. ritika: the pictures are incredibly intense. that explosion at a warehouse in beirut was felt miles away, and field hospitals with casualties. reports are at least 100 were killed and some 4000 injured. almost's government says 3000 tons of ammonium nitrate was stored in the building, but they are not saying whether the blast was caused by an accident or an attack. the white house and democrats are trying to strike a deal on virus relief legislation i the end of the week, according to treasury secretary steven mnuchin. the two sides aren't close to a deal yet, but did agree to a timeline. one of the main sticking points is still the extension of supplemental unemployment benefits. health and human services secretary alex azar will arrive in taipei in the coming days to discuss the global response to coronavirus. taiwan's response has been widely recognized as among the most effective in the world. in the u.k., a panel of lawmakers has issued a report that is scathing about the way prime minister boris johnson's government has ha

i'm ritika gupta. hurricane laura is battering louisiana with high winds today. it also brought the threat of a catastrophic storm surge and flash flooding. the storm came ashore in louisiana with maximum winds of 150 miles an hour. that made it one of the most powerful hurricanes ever to hit the state. winds have now died down some. still, laura may cause $15 billion in losses. there are concerns some areas could be uninhabitable for months. mike pence excepted the republik and party nomination to be present trump's running mate again. pence praise to the president and blasted joe biden. vp pence: where we fought for free and fair trade and this president stood up to china and ended the era of economics joe biden has been a cheerleader for communist china. he wants to repeal all of the tariffs that are leveling the playing field for american workers, and he actually criticized president trump for suspending all travel to china at the onset of this pandemic. ritika: pence spoke from historic fort mchen

francine: let's get straight to first word news in new york city with ritika gupta. ritika: president donald trump is moving to ban tiktok and we chat in the u.s.. he signed executive order residents barring people from doing business with them. it does not amount to a broader ban of dealing with its owner, tencent. tiktok says it is shocked by the order and will pursue all available remedies. the u.s. is looking to tighten workinga president's group on financial markets is recommending the sec strengthen auditors, --bout in hong kong, plans to offer free virus tests to all residents. the move reflects a boost in testing capacity with help from mainland china. there has been no headway between white house and democrats over new virus relief package. the main sticking point, both sides accusing each other of refusing to compromise. the top linese is number. trillionrats want $3.5 . the republicans want $1 trillion. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, this is bloomb

let's get to bloomberg first word news in new york city with ritika gupta. ritika: good morning, francine, lisa. president trump hasn't delivered the deal of the century he promised in the middle east. he can claim a foreign-policy victory after israel and the united arab emirates agreed to normalizing relations. even joe biden called it a historic step. with joe trump clashed biden over masks. the democratic presidential candidate said every governor should require masks for the next three months. he said that would save more than 40,000 lives. biden'st trump rejected approach, saying, "we want to have a certain freedom. that is what we are about." vacationers will be unable to get back to work when they come back from their holidays. they must be quarantined for 14 days. china, the economy continued to bounce back last month. industrial growth remained steady, rising 4.8% from a year earlier. still, output and retail sales haven't reached last year's level. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists

ritika gupta. senatorthanks to -- kamala harris has accepted the nomination to run for vice president. she targeted president trump's lack of leadership. let's fight with conviction. let's fight with hope. confidence inth ourselves and a commitment to america -- tobe the america we know is possible. the america we love. ritika: meanwhile, president obama told the convention president trump has not grown into the job because he can't. the political fight over the post office make clear the way for congress to resume talks on a virus relief bill. both democrat and republican leaders are hinting at compromise. the white house says it is open to democrat demands to increase funding for the postal service. president trump will call on the un security council to restore nuclear sanctions on iran, an attempt to kill off the 2015 nuclear agreement and force iran back to the negotiating table. russia, opposition leader alexei navalny has been hospitalized with suspected poisoning. putin politician is in gra

for our briefing with first word news, there is ritika gupta. ritika: president trump and speakers at the republican national convention put a spot ash put a positive spin on his handling of the coronavirus pandemic. the president thanked front-line respondents and said the virus is going to be fading. would warned of what happen if joe biden is elected. >> there is a light at the end of the tunnel. job gains are outpacing what the so-called experts expected, but biden set by left-wing policies would stop our economic recovery cold. he is already talking about shutting the country down again. it is madness. broadly, ae procession of speakers set out democrats'the portrayal of the president as incompetent. the phase one trade deal was discussed, and the trump says both sides need progress to commit to success. trade is one of the rear areas of cooperation between world's largest economies, though china is far behind its promises to increase purchases of pharma, energy, and manufactured goods. a german medical team determined that alexi nowotny was

i'm ritika gupta. president trump hasn't yet delivered to the deal of the century he promised in the middle east. still, he can claim a foreign-policy victory after israel and the united arab emirates agreed to move towards normalizing relations. even democratic president of candidate joe biden called it a historic step. a roadblock is preventing congress from passing a new coronavirus early plan -- from passing a new coronavirus relief plan. republicans argue the money would go to bailout poorly managed states. president trump clashed with joe biden over masks. the democratic residential said every governor should require masks the next three months. that would save more than 40,000 lives. president trump said, "we want to have a certain freedom. that's what we are about." when it comes to personal finances, donald trump is it better off than he was four years ago. according to the bloomberg billionaires index, the president's net worth has declined $300 million in the past year to $2.7 billion, the b

i am ritika gupta.loomberg. alix: thanks so much. european markets have settled. euros stocks closing off the highs of the session, off .4%. within that, you definitely saw energy moving higher. the ftse the performer. volume is pretty weak. that summer wednesday creeping in. this is bloomberg. ♪ i am live from new york, alix steel. this is the european close on bloomberg markets. the bank of england will be out with its latest policy decision tomorrow, unlikely to make any news. the focus will be on any hints the interest rate could go negative. stephanie kelly, aberdeen standard investment senior political economist joints me now. my question is the job retention program the u.k. underwent be phased out in august and september. is the onus going to be on the fiscal or monetary officials to plug the gap? stephanie: it will be a tricky balance. it is worth bearing in mind central banks can do so much, but there is the demand and supply affect where it is the government's role to have this labor support

ritika: with the first word news, i'm ritika gupta.rs of the house are shutting short -- are cutting short their vacation. they were called back to washington to deal with the growing crisis over the postal service. last week, the postal service warned 46 states it may not be ever to deliver balance on time for the november election. -- the white house downplayed a report that president trump once to meet with russia's vladimir putin in the u.s. before the election. as national security adviser robert o'brien says there will not be any summit for the about, but would like putin to come to the u.s. once there is an agreement on a new nuclear arms deal. for the fifth day in a row, more than 1000 people died in the u.s. from the coronavirus. was almostdeath toll 300 fewer than the previous day. the number of new infections rose by the smallest amount since tuesday. forher week of chaos british prime minister boris johnson now. the government is facing an exam crisis. the lockdown meant peoples were unable to take -- meant pu pils were una

i'm ritika gupta. president trump says he is seriously considering a capital gains tax cut. he told reporters it would create a lot more jobs. the president can't cut taxes on his own, but some advisors say he could issue an executive order that adjusts the original price of an asset when it is sold, so no tax is paid on appreciation for inflation. the trump administration were ridley may prevent citizens from returning to the u.s. temporarily if there's a chance they have the coronavirus. according to "the new york times," the ban would apply to permanent residence, too. , the police chief has resigned after the city council voted to eliminate 100 officers and cut the department budget. it is the latest move by a local fundingnt to cut police over the killings of black people. the police chief warned that it would hurt public safety. with jobs of britons declined by 220,000 when the coronavirus lockdown instructions were most severe -- lockdown restrictions were most severe. the government will start

i'm ritika gupta.he white house has given microsoft and tiktok 45 days to work out a deal to buy the u.s. operation of the wildly popular chinese maker of wildly popular music videos. the president floated the idea of banning the platform out right on national security grounds. hsbc is warning that loan losses this year could hit $13 billion. europe's largest lender posted second-quarter profit that fell by more than half. hsbc retailmped at and corporate backing businesses. it is the worst quarter for socgen since a rogue trader's record lost more than 12 years ago. almoststed net loss of $4.5 billion and took a large tax charge. that puts more pressure on the embattled ceo, trying to turn socgen around after a 60% slump in stock price this year. it is the biggest medical acquisition of the year. siemens has agreed to buy varian medical systems for $14 billion in cash. that were prisons about a 20% premium to varian closing price friday. alix: thanks so much. let's stay with european earnings. we just

i'm ritika gupta.enator kamala harris has accepted the democratic nomination to run for vice president with joe biden. harris told the party convention that president trump's failure of leadership has cost lives and livelihoods. she called on the country to fight for change. sen. harris: let's fight with conviction. let's fight with hope. let's fight with confidence in ourselves and a commitment to each other, to the america we know is possible. love.erica we tom: former president obama -- ritika: former president obama told the convention the president hasn't grown into the job because he can't. congress may resume talks on a virus relief bill. democratic and republican leaders are hinting at potential compromises. the white house says it is open to the democrats' demand to increase funding for the postal service. president trump will call on the un security council to restore all nuclear related sanctions on iran in an attempt to kill off the 2015 nuclear agreement and force iran back to the negotiat

i'm ritika gupta. this is bloomberg. ♪ left-wing radical policies would stop our economy: -- our economy cold. >> law & order is on the ballot. >> when it comes to what joe biden says he'll do, look at his actions. look at his policies. >> joe biden and the democrats are still blaming america first. donald has always put america first. tom: day one of the republican national convention, very interesting. kevin cirilli saying clearly, the first lady taking the high ground tonight, but others speaking as well, including a widely anticipated speech by the secretary of state. right now, it is a great joy to speak to terry haines, pangaea policy. he is really stuck doing war duty out in western maryland. this is not tomorrow -- this is not baltimore. if you go past hagerstown, it is some of the most gorgeous country in this nation. ines joins us this morning. the difference to baltimore is the space between the republican and the democratic party. how does mr. trump stretch that space? how does he get east

this is -- i'm ritika gupta.his is bloomberg. ♪ >> there's no disputing that some of the actions taken by the trumpet ministration on china were long overdue. it is just back to how they are doing this. jonathan: that tension will bleed into the weakened does both sides sit down for virtual talks on the progress of a phase one trade deal. we are hearing that china wants to bring in wechat and tiktok into those conversations. for the price action this morning, positive risk appetite improves. positive on the s&p 500 by about 23 points, up 0.7%. rotation on, rotation off has been the story over the last couple of months. in the u.s. ten-year, yields higher by three basis points. jp morgan bid for five straight sessions coming into wednesday. this morning, up another 1.7%. we are still down on the year by more than 25%, but certainly treasuries and the move we are seeing in the last few days giving these bank stocks a bit of a lift. lisa: jp morgan shares, without even today's rally, up about 9% in the past week. yo

i'm ritika gupta. this is bloomberg. ♪ m ritika gupta.is bloomberg. ♪ >> valuations tell you nothing about what the market is going to do in the next six or 12 months. it is really an indication of longer-term trends. tom: dan suzuki there, very good with the mathematics. thrilled to see him making comments as well. to set this up, sarah hall's halzack with us of bloomberg intelligence. francine lacqua, very active in the london fashion scene. what was it like just before the pandemic to see the lastgasp of luxury fashion? francine: when you say very active on the fashion scene, it is basically very actively trying to get an interview with the burberry chief executive. that is not quite come through yet, but we persist, so we go to the catwalks and try to get a bit of time with him to understand some of the nuances behind these luxury numbers. it was in february. it was interesting because it was in the west end, and at the time one of the first really big shows because burberry, because it is a listed company, puts on a pretty big show,

ritika: with the first word news, i'm ritika gupta.resident trump and speakers at the republican national convention that a positive spin on his handling of the coronavirus pandemic. the president thanked frontline responders and said the virus is going to be fading. others warned what would happen if joe biden is elected. >> there's more work to do, but there is a light at the end of the tunnel. job gains are outpacing what the so-called experts expected, but biden's radical left-wing policies would stop our economic recovery cold. he's already talking about shutting the country down again. it's madness. speakers procession of democrats'combat the portrayal of the president as incompetent. areasis one of the rare of cooperation between the world's largest economies. still, china is far behind its promises to increase purchases of american farm, energy, and manufactured goods. in germany, chancellor angela merkel is demanding full transparency from vladimir atin's government over russian opposition politician, likely poisoned last week

the first word news, i'm ritika gupta. president trump hasn't yet delivered to the deal of the century he promised in the middle east. still, he can claim foreign-policy victory after israel and the united arab emirates agreed to move towards normalizing relations. even democratic presidential candidate joe biden called it a historic step. a roadblock is preventing congress from passing a new coronavirus early plan -- new coronavirus relief plan. republicans argue the money would go to bailouts for mismanaged states. nothing is likely to happen the next two weeks, when both parties hold their conventions. the democratic presidential candidate said every governor should require masks for the next few months to save more than 40,000 lives. president trump rejected biden's approach. he said, "we want to have a certain freedom." some british vacationers will be unable to go back to work when they get back from their holidays. meanwhile, prime minister boris johnson warns that fines will be increased for people who break social

i'm ritika gupta. this is bloomberg. ♪ ♪ close to a compromise position, but i think there's a handful of very big issues that we are still very far apart. rep. pelosi: not enough money for food. nothing for housing, in terms of -- terms oforium rent. moratorium is nice, but it's not money for rent. sen. schumer: we urge our republican colleagues to come back and continue to negotiate. jonathan: talks break down going into the weekend. from new york city this morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your price action shaping up as follows, about one hour and 12 minutes away from the jobs were -- the jobs report. equity futures are off 0.3%. let's stop the check right there. there are no talks scheduled on capitol hill today to resume fiscal negotiations. we have a completely unpredictable jobs report in about one hour and 12 minutes. we are 1% away from all-time highs in the market is barely adjusting this morning. churning,arket is waiting for the data, and w

am ritika gupta.s is bloomberg. ♪ >> during a major crisis like this, the european system of greater social cohesion gives better economic out from -- economic outcomes than the united states wild west capital -- wild west capitalism. phrase wild west capitalism got a lot of attention. hannah levitt of our banking team writing on wells fargo and we report that bloomberg -- that wells fargo is beginning substantial job cuts. i love the phrase within the blather, "regular job displacement activity." i have no idea what that means other than a lot of people at wells fargo will be shown the door. 226,000, 10,000 would be 4.4% jobs reduction. hannah levitt reports tens of thousands may be out the door. neverthelesss, but -- not a surprise, but the reality from wells fargo. francine lacqua in fort lisa abramowicz and jonathan ferro on bloomberg radio and bloomberg television. we will take the wells fargo story to brooke sutherland on industrial america. my head is spinning. i do not know what to make of thi

democrat -- i'm ritika gupta.c presidential nominee backiden is heading at the president on age. biden tells abc it is a legitimate question, but scoffed at trump's characterization. if elected, biden would be 78 on election day, picking him the oldest president ever deserve. , hep is 74, and if he wins would surpass that mark. one of president trump's longest-serving aides is even the -- is leaving the white house at the end of the month. kellyanne conway says she is quitting to focus on her family. her husband is also leading a campaign group committed to defeating president trump. conway says that you may disagree, but they are united on what matters most, their kids. an explosion at a major natural gas pipeline near the syrian capital of them ask us -- of damascus triggered outages across the nation today. no deaths or injuries have been reported. the indonesian island of bali will remain closed to foreign visitors for the rest of 2020. authorities have planned to welcome back international tourists next month

i'm ritika gupta. this is bloomberg. ♪ >> what we have to get comfortable with as investors is the fact that zero yields are really a secular phenomenon we are going to have to contend with for the foreseeable future. jonathan: that was pimco's jerome schneider on zero yields for the for siebel future -- for the foreseeable future. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your data 12 minutes away in the united states of america. s&pty futures off on the 0.3%. on the tenure, yields lower to 0.52%. a bit of weakness on the dollar euro. tom: ready for that data. there's no question we are seeing the bond market link and with what we will see with this data, and the jobs report on friday. right now, we want to bring in one of the most prescient people we speak to. paulsen is out of iowa state and is one of the great voices of the midwest on the nation's finance and economics. we are thrilled that jim paulsen can join us. i know that jon wants to talk claims with lisa and out of the oth

i'm ritika gupta.ducer biggest meat had higher costs associated with protecting workers from the coronavirus, but that was more than offset by surging meat. ceo. named its new the parent of snapchat has landed a deal with top music him panisse to add songs to videos. music companies to add songs to videos. it is a new promotional tool for the music industry. shares of security system provider adt are soaring. google is spending $450 million to buy a 6.6% stake. the two companies plan to create the next generation of smart home security. google's nest hardware -- google brings its nest learning hardware -- nest hardware and machine learning. alix: the japanese owner of 7-eleven convenience stores is betting and expanded u.s. footprint will deliver growth in the midst of a pandemic. they agreed to by marathon speedway gas stations for $21 billion. also what's important is what it actually means for marathon, which has quite high leverage within the market at 4.4 times ebitda. it could be good short-term,

i'm ritika gupta. republicans are ready to formally nominate president trump for reelection. a scaled-down convention will kick off in charlotte, north carolina. it is a crucial moment for trump , trailing joe biden in national and battleground state polls, and under intense pressure to turn the race around. president trump is scheduled to speak during each of the four nights of the convention. president trump is losing one of his longest serving advisors. kellyanne conway will leave the white house at the end of the month to spend more time with her children. she was the first woman to steer a white house bid, and then became a senior advisor the president. back-to-back storms will deliver a double blow to the gulf coast of this week. more than half of offshore oil production is already shut, and residents from texas to florida are bracing for severe weather. tropical storm marco is rushing towards landfall in louisiana, and a larger storm laura is due to itscern likelihood to grow over warm gulf wate

i'm ritika gupta. this is bloomberg. ♪ .is bloomberg. ♪ >> i think he and the rest of the fed are really haunted by the example of japan, that despite an astonishing amount of asset purchases, the bank of japan balance sheet is more than 100% of gdp, and going higher. they still have inflation below one person. they don't want to get in that situation. tom: truly one of our nations experts in financial economics, randall kroszner of the university of chicago. that conversation with bill dudley i thought was just penetrating right now, our chief theorist and correspondent michael michie -- michael mckee joins us on his way to a very different interview. this is your wheelhouse. each of these people is different. let's start with mckee 101. how is kaplan of dallas different from dudley of new york? michael: they are two of public the more similar members -- bill dudley no longer on the fed -- but they both came from wall street, and both came from goldman sachs, so they had a similar formative experience in the markets, and un

city, here is ritika gupta. ritika: kamala harris reintroduced to the nation last night.enator embraced her place in history as the first black and indian american woman on the major presidential ticket. in her speech, harris spoke of her upbringing and what she learned from her mother. >> i accept your nomination for vice president of the united states of america. so committed to the values she taught me. the word that teaches me to walk by faith, not by fight. stayed harris largely clear of attacks on president trump, though she did say "the incompetent makes us afraid." president trump refused to set aside the far right conspiracy n.vement he went on -- qano then believers believe world is run by pedophiles. showdown over obamacare. will hear arguments over the constitutionality of the affordable care act. democrats want to make health care a central issue in the campaign. another sign north korea's economy has been battered by sanctions. kim jong-un acknowledged the country's development goals have been "seriously delayed." he told a working party of the central commi

here is ritika gupta. ka: oregon state police are returning to portland following the death of a trump supporter. the man was shot in a clash with black lives matter protesters. president trump heads to kenosha, wisconsin tomorrow. protesters have stepped up since a police officer shot a man seven times in the back during an attempted arrest. president trump's intelligence chief is defending his decision to restrict congressional briefing on foreign interference in u.s. elections. he says he will primarily read through written materials, but he will -- all member briefings because of the threat of leaks. democrats say ratcliffe is only doing president trump's bidding. the hurricane that pummeled the gulf coast is expected to cost insurers $4 billion to $9 billion according to estimates from two risk modeling firms. the storm which came ashore as a category four hurricane left a trail of destruction throughout louisiana. insurers say the storm caused massive wind damage but the storm was not as severe as exp

with the news in new york city, our first word news, here is ritika gupta. : the european union's top trade negotiator is fighting to keep his job. callis after attending a society dinner in ireland. after saying no events should be organized at cafes and restaurants. he has been key in trade talks between the u.s. and the u.k. the u.s.ack cuts at postal service after changes -- an additional $25 billion has been allocated, but the social service is concerned about some of the -- the postal service is concerned by some of the requirement, saying it restraint its ability to reduce efficiency -- to improve efficiency and reduce costs. president donald trump's sister is heard criticizing her brother, saying he has no principles. the former federal judge was secretly recorded by her niece, mary trump, who recently released a book denouncing the president. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i'm ritikauntries, gupta. this is member. tom: thanks so much. a virtual democratic conve

with our news in new york city, here's what -- here's ritika gupta. ritika: the longest serving prime minister in japan's history is resigning. shinzo abe is stepping down after eight because of health reasons -- after eight years because of health reasons. reports say he has been undergoing treatment for a chronic digestive condition. he agreed to stay on until the ruling party picks a successor. donald trump made his case for a second term last night at the republican national convention. he promised to create 10 million jobs in 10 months enter in the u.s. into a manufacturing superpower. pres. trump: in a new term as president, we will again build the greatest economy in history, quickly returning to full incomes, andoaring record prosperity. ritika: the president also warned that joe biden can be trusted to deal with the coronavirus pandemic or heal the nation's racial divisions. hotplan to run the economy looks easier said than done. jerome powell said the fed will sometimes allow inflation to run above the 2% target and let unemployment run lower

with our first word news in new york, here is ritika gupta. ritika: good morning. it is one of the most powerful storms ever to hit louisiana. you were just discussing hurricane laura, it made landfall near cameron, louisiana with maximum winds of 150 miles per hour, plus there is a threat of a catastrophic storm surge and flash flooding. there is concern that damage could leave areas and -- uninhabitable for months. it will also shut down a third of the region's refining capacity. winds have died down but laura is still a category 3 storm. mike pence accepted his party's nomination to be the vice president again. he praised the president and joe biden.d joe >> where we thought for free and fair trade and this president stood up to china and ended the era of economic surrender, joe biden has been a cheerleader for communist china. he wants to repeal all the tariffs leveling the playing field for american workers. and he actually criticized president trump for suspending all travel to china. at the outset of this pandemic. ritika: he spoke from historic fort mchenry

first let's get straight to the bloomberg first word news in new york city with ritika gupta. ritika: michelle obama describes president trump as unfit for office on the opening night of the democratic convention. the former first lady blasted him from his handling the pandemic. worthen 150,000 people have died, and our -- more than 150,000 people have died, and our economy is in shambles because of a virus that this president downplayed for too long. trump isbama said that clearly in over his head. president trump added a trip to iowa to his schedule today. support has been slipping in a state that he won in nine percentage points in 2016. polls show iowa is up for grabs in a race with joe biden. trade talks with china were indefinitely delayed. president trump told fox news that he is having a hard time with china, and the country is trying to make up for it with purchases of american made products. peter navarro says the trade deal is still on track. in canada, bill morneau has resigned after a rift with justin trudeau proving impossible to repair. that leaves trudell with a