the u.s. computer industry. the center for strategic and international studies hosted the discussion. it runs 50 minutes. >> good morning everyone and the online audience. we are fortunate today at csis to have don graves. he has years of experience in the government and private sector. he was executive vice president and head of corporate responsibility community relations at key bank and at the obama biden administration, counselor and economic -- domestic and economic quality advisor for vice president biden and executive director on the council of jobs and competitiveness and deputy desisted -- assistance. a long experience of commercial activity in washington. we are going to talk about all of the challenges that comments and the united states face today in the world and things have changed a lot where congress has a central world in economic policy and national security and international relations. please. [applause] >> good morning everyone. thank you so much for that kind introduction a

the u.s. efforts to increase international trade. how national security is related to technology and promoting america's private sector abroad. this is a 45 minute discussion. >> good morning to everyone. good morning to all of those on the online audience. we are very fortunate today at csis to have deputy commerce secretary don graves from the department of commerce. don is the 19th deputy secretary and he has experience here in the private secretary. he was a counselor of president biden during the 2020 campaign. before that he was executive vice president and had corporate response responsibilities -- counselor of the make it -- counselor of domestic and economic policy. serving on the council of presidential jobs. a long experience of commercial activity in washington. today we are going to talk about all the challenges that commerce and the united states faced today in the world. things have changed a lot where congress has a central role in a central role in way it hasn't before with eco

we also use a term which suggests the u.s. jewish community largely expresses itself with ashkenazi culture. on the one hand we might think that flags or signals white but on the other hand you think about all the jewish families in the u.s. where you have one white parent and one parent of color and the white parent might be ashkenazi so their kids are both jewish people of color with ashkenazi culture and ethnicity. it is not exclusively white but often codes for white in the u.s. given what we've projected as jewish in the united states. >> so i think you are touching on something that is so important which is we all know race is so complex. >> right. >> so complex in a north american and really united states context. >> yeah. >> so when we talk about something like ashkenormative already that says there is a way in which we subtly aspire to something or something is declared as main stream and so i wonder if you can talk within a jewish context about i know it is a complex question but what does it mean then in our own cont

the u.s. mising a new era of engagement with the middle east. joe biden is making his first trip to the region since becoming president and he'll have many issues to deal with over the next four days. biden's first stop is israel, where he's meeting acting prime minister yair lapid, and former leader benjamin netanyahu. he'll then head to the occupied west bank to meet palestinian authority president mahmoud abaas. biden is expected to face questions about the killing of al jazeera correspondent shireen abu akleh, who was a palestinian-american. the u.s. state department found that israeli gunfire likely killed the journalist, but couldn't definitively conclude the bullet's origin. a group of democratic senators has written an open letter saying the investigation doesn't live up to the administration's calls for an independent and credible inquiry. pres. biden: greater peace. greater stability. greater connection. it is critical for all the people of the region, which is why we will discuss my

a longtime member of the u.s. s national soccer team who helped it win two olympic medals and two world cup championships. she also joined with other members of the team in suing the u.s. soccer federation for gender discrimination in pay, medical care, and workload, leading to a landmark $24 million settlement in february and the federation's pledge to give the women's national soccer team equal pay to the men's team in all games and tournaments, including the world cup. the u.s. women'soccer team has won four world cup titles, while the men's team has won none. keep in mind, megan rapinoe is wearing a white blazer with white letters emblazoned on them "bg" for brittney griner. this is president biden. pres. biden: megan helped lead the change for perhaps the most important victory for anyone on her soccer team or any soccer team, equal pay for women. [applause] amy: we're going to switch gears a little because among the other people who received the presidential medal of freedom thursday during a ceremony at the

the u.s. computer chip industry. the center for strategic and international studies hosted this discussion. it runs about 50 minutes. deputy commerce secretary tom graves spoke about the biden administration's efforts to strengthen u.s. international trade. he responded to questions on legislation expected on the senate floor today that provides grants to the u.s. computer industry. the center for strategic and international studies hosted the discussion. it runs 50 minutes. >> good morning everyone and the online audience. we are fortunate today at csis to have don graves. he has years of experience in the government and private sector. he was executive vice president and head of corporate responsibility community relations at key bank and at the obama biden administration, counselor and economic -- domestic and economic quality advisor for vice president biden and executive director on the council of jobs and competitiveness and deputy desisted -- assistance. a long experience of commercial a

earlier this month, the u.s. said the bullet that killed her likely came from israeli military gunfire but stopped short of saying investigators had reached a definitive conclusion in her killing. the u.s. said her death was "the result of tragic circumstances." abu akleh's family criticized the biden administration's statements saying, "for far too long, the united states has enabled israel to kill with impunity by providing weapons, immunity, and diplomatic cover. impunity leads to repetition. we are here to do our part to ensure that this cycle ends." the director of the federal bureau of prisons, michael carvajal, came under intense criticism during a senate subcommittee hearing tuesday examining the horrific conditions inside the federal penitentiary in atlanta, georgia where at least 13 prisoners have , died by suicide since 2012. georgia senator jon ossoff, who chairs the permanent subcommittee on investigations, said the conditions inside the prison were "abusive and inhumane." >> inmates hanging themselve

during my career in the u.s. navy and as a department of defense civil servant i have served under several administration and always understood the importance of taking care of the many men and women that serve in the u.s. military. with respect to non-service members, stationed on bunker hill in california included service officers and preparation of requirements for naturalization. participating in a naturalization ceremony for qualifying family members where some of the most meaningful experiences i had in service. today, the military recruits a proximally 10,000 individuals annually who bring unique knowledge, skills, and abilities and support national security priorities. most recently, the interagency working group formed executive order 14 100 in february 2021. in collaboration with the department of homeland security and veterans affairs, that apartment has continued to expand and improve essential services which support naturalization of qualifying service members who choose to apply for u.s. citizenship.

we stood up the u.s. eu trade council, we deepened our commitments to the quad the present has launched an ambitious 14 country framework for prosperity. and announced our intention to forge america partnership for economic prosperity. we also continue to promote trade and investment between the u.s. and africa the at prosper africa, the president's advisory council doing business in africa, u.s. africa leaders summit which president biden host in december. across these efforts we reject the notion that attracting private sector investment requires an endless to the bottom. harming american workers and american businesses alike. instead, the new economic alliances about developing shared rules of the road and aligning to high standards and building our share capabilities. we are also allowing joint partnerships between businesses and government to support joint research and knowledgear sharin, upscaling and workforce to velma come innovation ecosystems and promote investments that create export opportuniti

the u.s. virgin islands. get your tickets. >>> you are watching "cnn newsroom." still ahead, a warning to joe biden straight from beijing, if you play with fire, you get burned. >>> and some areas of the u.s. are raising the alarm about mo monkeypox. we'll find out where they are calling it a public health emergency. frank is a fan of fast. he's a fast talker. a fast walker. thanks, gary. and for unexpected heartburn... frank is a fan of pepcid. it works in n minutes. nexium 2 24 hour and prilosec otc can take one to four days to fully work. pepcid. strongng relief for fans of fast. >>> now to the sharp warning from chinese president xi jinping to his u.s. counterpart joe biden during their phone call yesterday. if you play with fire, you get burned. the chinese leader making it clear his anger over washington's relations with taiwan including a possible visit by u.s. house speaker nancy pelosi, the u.s. calls the warning standard fair from beijing and described the 2:17 conversation as direct

the u.s. slowdown we have seen in the latest economic report card putting the u.s. on a path toward an ever more likely in session. -- recession. what are the implications for the u.s. consumer? the economy is losing momentum in the u.s. in the back half of the year. we are seeing consumer spending coming in weaker. >> interesting that this comes right off the back of chair powell saying he does not think the u.s. is in the recession, we have to see the job numbers. not surprising then you have xi jinping talking to joe biden for over two hours mentioning the economic policy for the coordination needed globally saying the u.s. and china should work to get the world out of recession risk. the big elephant in the room was taiwan. we're hearing from sources that they are going to try to get an in person meeting. let's get the latest from jodi schneider and kathleen hays. what was the big take away from this china u.s. meeting? this was the fifth conversation these two leaders were having. expectations were already low. >> i guess the most important thing we just learned

the federal reserve hikes u.s. interest rates the fourth time as they try to brindown historically high inflation. the impact of inflation hits hamburgers, mcdonald's and the u. raising prices. trees reduced to ashes by the largest wildfire in california this year. some have lost everything. ♪ anchor: welcome to world news america onbs in the united kim and around the globe. we begin with the effort to restart grain efforts from ukraine and prevents a global food crisis. in turkiye, a complex deal to get grain out of ukraine in force. they want to export 5 million pounds of grain per month. our correspondent reports. reporter: from the start of the war in february, russian forces have been blockading ukraine's black seaports preventing exports of ukrainian wheat and other grains vital for the food supply to many countries around the world. according to officials there are around 20 million tons of grain in ukraine. with fears growing of global food shortages, it seems there may have been a breakthrough with a deal a

we know what to do, the u.s. has the instruments to take required action, it is imperative now the u.s. use all of these instruments for action from both the public and private sector to get africa's development moving in the right direction. thank you. >> thank you so much. let me introduce our next speakers. an economist and former finance minister who served as the seventh president of the african development bank. he is credited for expanding the reach and impact of the development bank, africa's financial institution during his two years as president. he's currently the african union's high representative for financing the peace fund and the covid-19 response. ambassador senior director of atlantic council's africa center senior fellow for the hearing center. prior to joining the council as a consultant from the world bank advising the institution on education, youth, sports, human capitol disability issues in africa. founder and executive director of the energy. he's a nonresident fellow at the center for gl

now the u.s. is believing it is not a serious proposal but a bid by the russians to stall and buy time until brittany griner's trial is over. cnn, washington. >>> now to the latest in ukraine, which is blaming russia for holding up the implementation of their grain export deal. ukraine says it's ready to start shipments from its black seaports but russia has yet to sign off on the location for safety routes for grain ships. on the battlefield, russia's artillery keeps pounding the donetsk region. ukraine and russia are blaming each other for an attack on a prison holding p.o.w.s. 40 were killed in the attack on the facility. but both sides are denying responsibility and pointing the finger at eacher other. what more are we learning there? >> reporter: you said it best when you talked about each side blaming the other. basically what we're seeing are dueling narratives in terms of what actually happened there at the prison. let's start with the ukrainian president who weighed in on what happened dur

the volatility in the u.s. session down 2%, then stateside eking out some gains and nasdaq performing more strongly as tech came back. across europe, gains of little over 1%, the spanish ibex up 82 points. politics squarely in focus, the change around the chancellor of the exchequer. when it comes to france, a solid first few seconds, gaining 77 points on the cac 40. let's see how things are playing out across assets. as francine pointed out, pressure across the currency space, the euro falling to a 20 year low and the pound sterling also under pressure as was the russian ruble. futures unchanged when it comes to the u.s., that whipsaw session we saw tuesday on the states side. you are seeing a bit of selling when it comes to the u.s. and sovereign debt in europe. euro-dollar 1.02, the question around parity, mark cudmore of our mliv team saying it is ambitious given the challenges the eurozone faces. crude again in focus following that wti drop of 8% yesterday, currently gaining 1.6%. francine: yesterday i was

the u.s. er our rivals, russia and china. and also, bringing down oil prices, not to lower the price at the pump, but to toughen the bite of sanctions against russia. i think he will touch on themes that update the core saudi-u.s. bargain. and that opens the door for other issues that are important in the relationship that can't be tackled at once, the saudi human rights record, other human rights activists who are still imprisoned or banned from traveling in saudi arabia. and work in yemen, which needs to be brought to a definitive end in promoting steps saudi arabia toward normalization with israel. it announced today it would be allowing israeli civilian overflight in saudi territory. this isn't an easy decision for him, but because he has been a skeptic in this relationship, i believe he is in many ways the right person to make the case these strategic interests require and this is a step-by-step process. halie: thank you, and thank you for the correction. he is definitely in jeddah. ambass

the u.s. can contribute to prepare the atmosphere for a political horizon for a just peace. we have the importance of really establishing the foundation on which the peace process was paste -- the piece process was based, and 482-state solution along the 1967 border. mr. president -- and for a two-state solution along the 1967 border. mr. president, it is time for the occupation to end and for our people to gain their freedom and independence, and for our young men and women who we cherish and respect their creativity to achieve a promising future without occupation. in this regard, we say that the key to peace and security in our region begins with recognizing palestine, and enabling the palestinian people to obtain their individual rights in accordance with the two-state solution and ending all the permanent status solutions, including the palestinian refugee issue. that begins with ending the israeli occupation of our land, the land of palestine, with jerusalem as its capital and the 1967 bo

my expectation is that the private sector in the u.s. will have those increases coming so we do not need the emergency from the government. host: how would you respond? guest: the private sector plays a critical role. the challenge when you tap the strategic reserve for that long is that it still disrupts production in the u.s. it puts a million barrels a day into the system, which has an impact on prices but also impacts the ability of producers. the strategic reserve, i worked on that in the 1990's, there was a time when congress was considering privatizing the strategic reserve because industry had a better feel of where markets would be six months from now. i would suggest it is used primarily for an emergency. from an industry perspective, we wish they would have said, ramped up, give us an extra million barrels any way you can and we will remove obstacles. that has not had the impact on prices that they thought it would. they did this in november and prices still went up. it sets out the issue of increasing domestic production. host

the u.s. ng today. heat alerts will affect nearly one-third of the nation's population through tomorrow. in ukraine, russian forces kept up a fearsome barrage, targeting cities in the south and east and killing scores of civilians. the attacks came as moscow declared that peace would come only on its terms. in the port city of odesa, firefighters scrambled to douse flames ignited by shelling overnight. ukrainian officials said russia's long-distance assault has escalated as its ground campaign has stalled. meanwhile, russian president vladimir putin arrived in iran amid u.s. warnings he wants to buy military drones to use in ukraine. putin met with iran's president and its supreme leader, ayatollah khamenei. state tv quoted khamenei as warning against "western deception". putin met separately with turkey's president erdogan, also in tehran. on the pandemic, the world health organization is out with a new warning about super-infectious subvariants. the agency says cases in europe have tripled in

it's not that the u.s. ng nothing, it's just we are having a very hard time adding our house in order to meet our goals. >> are we able to meet the goals which are specific without u.s. leadership in this field? >> it will certainly be difficult. the u.s. is the number two greenhouse gas emitter in the world after china and it will be difficult to meet goals. >> thank you very much for joining me. >> my pleasure. >> in france, emmanuel macron has visited the southwest of the country where wildfires have forced nearly 30,000 people from their homes. fires continue to blaze in spain. many people have died from heat related conditions. italy and greece are also dealing with heat related drought. >> fire chiefs are too cautious to talk about a turning poi, but the fire here has stabilized enough for emmanuel macron to vit to congratulate the cruise. >> we know the witnesses in the management of the forest. we have to make it grow again but with different rules and precautions. >> you can see how unstable the sit

in the stories we read across the u.s. this week, i know they president, your uncle, also wrote a book with that title. as a lookout at the proud and strong israelis in the audience and a nation that made the desert bloom and built the iron dome, i see people who are growing more secure, or integrated, more confident and have greater relations with their neighbors. a nation that has forged peace before and can do it again and a nation that will never dwell alone because as long as the u.s. is here, you will never ever be alone. [applause] as you know, there is still so much more work to be done. that is why america's commitment to israel's security remains ironclad. today and in the future. that commitment is not about me or any other american president. it stings -- it comes from a deep commitment. it is our responsibility as leaders to nurture the bond and ensure it gets stronger and deeper and broader and they will continue to be profound and change. as a leader, i can say without hesitation that being known as a friend

so we have been buying bonds in the u.s. europe, we think there is a credible -- could ability issue in terms of where information is and the more stagflationary background in europe relative to the u.s., so we will favor the u.s. to europe. anna: the ecb credibility, was it increased by this week? ella: i think the 50 basis point hike -- we have been looking for that sort of outcome because the levels remain pretty elevated and the outlook is not very bright on that front. but the q&a sessions and the commentary sounded more like a hike. it is tricky to give the market a hike and sound dovish at the same time. so wanting to fight inflation -- to us, it was more lacking of credibility rather than more supportive. alix: it feels like the ecb is trying to keep the door open for 25 or 50 in september. can the ecb continue to hike? i understand we want to buy bonds and want central banks to have the ability, but will they be able to fulfill what they some are missed at this point? ella: well, the data is very weak. we saw this m

no major breakthroughs are expected, although the u.s. is also announcing tens of millions of dollars for panhandle hospitals, refugees and internet upgrades. mr. biden reiterating his support for a two state solution to the israeli/palestinian conflict, yet no apparent plans for reviving the middle east peace process. meanwhile the white house confirms that president biden will meet one-on-one with saudi crown prince mohammad bin salman when he is here in jeddah. thursday in injuries, mr. biden and yair lapid agreed that iran should never be allowed to obtain nuclear weapons. let's bring in cnn's hadas gold live this hour in jerusalem. as you and i speak, president biden speaking at a hospital in east jerusalem. let's just talk about what he has achieved on this, the first leg of his trip in israel. >> reporter: first leg of the trip was focused on the israelis, he spent about a day and a half in jerusalem meeting with various israeli leaders. and for israel, it was important to show that the relationship with the united states still stay

the u.s. makes a mistake at abu ghraib. bombings that have happened in afghanistan where multiple civilians have been killed. it's the responsibility of a country to act on those mistakes, to make sure that they are investigated, they don't happen again. the kingdom did this just as the u.s. does this. we expect to be held to the same standard, not a higher standard than the u.s. holds itself. >> he also pointed out there are significant issues not raised. you cannot address these issues in a selective way. you have to be consistent. >> and the president has also taken heat for only bringing up the case of jamal khashoggi, where you have others, the women's rights activist who was released from jail. there are other people who don't have the freedoms that perhaps they should deserve in saudi arabia. these are human rights values that president biden is taking heat on for not bringing up. how is this a shared relation, really a shared relationship, if there's commonality on human rights? >> i don't see that they are differen

markets looking at the u.s. cpi reading as the imf cuts its growth projections for the u.s. economy this year and next. and euro-dollar parity still in focus for us today after it slid within a whisker of a pure one-for-one rate. let's get to bloomberg's managing editor for emea markets. lynn, let's start with what we are seeing in terms of looking at that inflation print and whether there is a number that would fundamentally change the thinking of the fed and whether we are getting into the point where inflation is starting to peek? >> we are expecting the inflation number to come in very hot. the bold case for markets is very difficult to look at right now. tom: 8.8% is the survey. if we come through with 8.8%, does that give some assurance that the trajectories pretty clear from the fed? >> it would reaffirm that things are on track. continually you have seen inflation come in a lot hotter than expect it. that would really be a danger zone. report after report after report shows that regulators don't have a handle on the situation. tom: let's bring in your view. is there

the u.s. and israel are expected to announce a joint declaration building on past calls to take military action halt iran's nuclear program. biden has promised he won't agree to any deal that would restore the landmark 2015 iran nuclear agreement, which the united states unilaterally withdrew from in 2018, if it means removing iran's revolutionary guard corps from a list of foreign terrorist organizations. president biden was asked about that pledge in an interview with israeli tv. >> already committed to keeping the tears -- on the terrorist organization list? pres. biden: yes. >> and in the past you said you would do anything to ensure iran would not acquire nuclear weapons. doesn't that mean using force against iran? biden: if that was the last resort, yes. amy: after headlines, more on president biden's trip to israel, the occupied territories, and saudi arabia. the house of representatives is set to vote this week on a record-shattering $839 billion military budget. the 2023 national defen

australia's of the u.s. p up production. >> in the short term, i'm talk about this winter, there is very little i can do. they can maybe squeeze out a little more supply. it is challenging to boost lng output in the short term. longer term, there is a lot that can do. they can expand capacity. that is not going to come online until 2026. lng export facilities are giant infrastructure pieces that take a lot of investment, billions of dollars and years to put online. there is not much they can do in the short term. longer-term, they can try to address the supply crunch. that means we are not just looking at 20 winter is a but also 2023, potentially 2024 also going to be type as it takes years to come online. tom: 2026, years away, who knows what could happen in the energy markets between now and then. talk to us about the linkage between gas and oil, some upside for oil, what are the linkages between gas and oil, how much inflation is going on? >> it is the same thing you are seeing with lng, the less russian g

the u.s. and china seem to be reaching an agreement to get it of some tariffs to deal with inflation. tom: possibly as soon as this week. upside in asian equities that is starting to have. -- ebb. from the bank of a press conference with andrew bailey later this morning after the boe publishes its financial stability report. gains in the u.k. of 10 points on the ftse 100. we will see how the other markets open as well as we continue to weigh up recession risks versus inflation. you saw modest gains in equities yesterday. yields are up on u.s. sovereign debt but lower on european debt. you have those comments from bundesbank about the toll. the cac 40 dating now .4%, the spanish index gaining. the ftse 100 now up by 25 points. let's switch and see how things are looking as the u.s. comes back from that independence day holiday yesterday. the futures pointing to gains of .5%. the u.s. two year, or the action is most expressed when it comes to higher yields, up almost two basis points. the pound w

could that happen in the u.s.? nk the price of fuel is an impetus for individuals to make their own decisions about that. i do also know the president wants to focus on building out clean. we a not in the same position, obviously, as germany or other countries in the eu. we are blessed with an abundance of resources. >> you do not thinkmericans will ration energy? >> no. but i do know we want to work on the demand side of fossil fuel by providing clean energy alternatives. >> what do you think is the lesson of russia's invasion of ukraine on energy security and how dependent on those we are to those who may be hostile? >> isn't the security of the nation number one priority? that means developing our own cleaenergy resources at home makes us energy secure, reduces coor our people, the sun is the cheapest form of energy. it puts people to work, millions across the globe will be put to work by building clean energy solutions. and it saves the planet. it is a win-win-win-win. >> thank you for your time. those who play

i think that the u.s. g much faster with wrongful detention cases. so, it may be that where there was reluctance to do any sort of deal before, now people are more willing to make concessions or be more pragmatic about it. i think it certainly helps that ms. griner has a greater celebrity, creates perhaps a greater value to the american spirit. if nothing else to have her come home. when you're talking about the merchant of death and a tourist, it becomes very difficult. it's so asymmetrical that it's hard to see how that sort of exchange could work. >> and quickly, how is your brother doing? >> not so great. they've cut back on food at the prison due to sanctions. so, he's eating less. it wasn't very good food in the first place. so, he has lost a lot of weight. we hope that he just continues to survive day to day until he's able to come home. >> all right. david whelan, of course, we are all hoping that he and brittney griner are brought home soon. thank you so much. >> thank you, victor. >>> well, it's a

there is evidence that the u.s. ot better than the gdp headlines suggest and the argument is that in the short end of the treasury curve, they have been far too optimistic. they will need to keep up with large rate hikes some time. we could get another strong print in this month as well. as far as the treasuries go, we may have already seen the best of the rally and there could be more yield increase. >> we will be watching alibaba as well. the company says it is striving to maintain it listings. furthermore, we are joined by our asian stocks manager. we are watching the kind of playing out. >> just to be fair to alibaba, it is one of the 200 plus chinese adrs listed in the u.s.. nevertheless, this is adding to the pain that we saw for alibaba shares last week. that will be interpreted by the market as of july 2 and the idea eventually. the earnings are coming up on thursday and alibaba is expected to report its first negative revenue growth ever. >> small and medium-sized businesses are really trying to stave off ba

>>> the monkeypox outbreak worsening across the u.s. tonight, what authorities are now telling americans across this country. >>> the emotional scene in front of the u.s. capitol today. jon stewart blasting senate republicans for blocking a bill that would have helped america's ailing veterans. >>> in the northeast tonight, sharks close to shore. what's now driving this? ginger zee off the coast of massachusetts tonight. >>> and america strong tonight. the effort to save the puppies. >>> good evening and it's great to have you with us here on a thursday night. and we begin tonight with the urgent search this evening for the missing after this new and deadly flooding emergency. at least eight people have died in kentucky and the death toll is expected to rise. reports of families who were trapped in their kitchens, on countertops as those floodwaters were rising. a grandmother trying to find her family, no cell service. she has not heard from her loved ones, from her grandchildren. what kentucky's governor is now saying tonight. much of t

the u.s. ooking to build more domestic capacity. there is a bill now in the senate to do that. is there indication you would move your supply chain when it comes to moving chips specifically to the u.s.? jacek: we have a lot of move entering the u.s. market in a more meaningful way and would be glad to tap into domestic electronics in the u.s. absolutely. kriti: philip morris ceo jacek olczak, thank you. if is bloomberg. kriti: this is bloomberg markets. i'm kriti gupta. was leading? is not taxed. it's not energy. it's all a bit. -- it's not tech. it's not energy. it's all of it. we are looking at s&p 500 member is trading above their moving average. it has been fluctuating until recently when it dropped below the key level and spikevax. that's a good thing. you want that sustainable rally to continue. is the entire market rallying or is this purely a haven bid for foreign investors? -- ford investors? specifically when it comes to the energy space, a commodity specific hedge people are using w

so for the u.s. military, as we look ahead to what we need to make sure our war fighters have what they need to succeed on the field and that they can have security in using those capabilities, we know we must secure a supply chain and domestic investment here in the united states. the chips plus act will help us substantially return leading edit microelectronics to the united states, deliver a winning combination of design, system integration into manufacturing it will help us build commercially viable, which is critical for us in dod. state-of-the-art application facilities. and that helps our commercial sector of course, but i cannot stress enough of much that helps our military. the resources provided for the chips for america defense fund inside the chips plus act funds innovative prototyping, extremity and. it allows us to train our next generation of scientists, engineers, tech onto manures. and it will assist us -- tech entrepreneurs. it will assist us to create art leading edge weapon systems

the reason being that the u.s. president took the moral high ground or argued for the moral high ground after the killing of jamal khashoggi. the saudi crown prince has denied ordering of the killing but has accepted possibility for it. can he get the saudi's to pump more oil? the simple answer is that it's going to be very difficult. rbc capital talks about 11.5 million barrels per day. if you combine the uae and saudi arabia, maybe 3 million barrels per day. the best you can get is a pledge. that is capacity. you don't mess around with the reserves of the central bank. the price starts moving aggressively to the upside. that and diplomatic activity including security will be some of the highlights. dani: thank you very much. to the banking sector. morgan stanley plummeted last quarter. capital market seized up. jp morgan extended share buybacks after reporting a miss on second court revenue. the two ceos sounded upbeat about the economic outlook. >> there's a range of potential outcomes, from a soft landing to a h

there is going to be a slow down the u.s. e are so many job openings, we could see an environment in which companies cut their job openings as opposed to having any kind of large scale layoffs. the second argument i would make for why the u.s. could avoid a recession is because the fed is being data dependent. it is riveting quickly based on incoming data. that will cause more aggressive rate hikes, but it could also work the other way. the fed is trying to make what is a blunt instrument as surgical as possible. david: david here. to that point, you might turn out to be correct and we do not get a recession but a slowdown is in the cards. earnings estimates, global equities on aggregate have actually yet to reflect the start of any trend in revision down. do you think stocks are cheap enough is the question going into the second half? >> socks are very cheap, but it depends on how much we see in terms of downward earnings revision. my suspicion is that we will not see traumatic downward earnings revisions. this is an environm

the u.s. economy shrinks for a second quarter, fueling recession fears and president and president xi plan and in person meeting of what's being called a candid conversation. that coming against the backdrop of rising tensions over taiwan. haidi: as we continue to see the fed 75 basis point rate hike, we are seeing from the south korean finance minister talking about that 6% range of inflation expected in july. we are getting industrial output , through month on month rising one point 9%. much higher than expectations of a contraction of 8/10 of 1% for the month of june. we are seeing ip rising 1.4% year on year. that is missing expectations for that year on your number that was expecting a gain of two point 1%. we are continuing to see these comments from the vice finance minister. south korea will face a trade deficit in july on the cost of rising energy imports. getting breaking news when it comes to some of these reports. coming through with their numbers. second quarter net income coming i

the u.s. lerts will affect 1/3 of the nation through tomorrow. a fire broke out at hoover dam on the nevada, arizona border after a transformer burst into flames. the fire was extinguished quickly. the bureau is investigating the cause of the fire and said there is not a ricks to the power grid. forces kept up a fear some barrage targeting cities in the east and killing scores of civilians. moscow declared that peace would come only on its terms. and in the port city of odessa, firefighters doused flames by shelling overnight. ukrainian officials says russia's long distance assault has escalated as the ground has stalled. president putin arrived in iran. he wants to buy military drones to use in ukraine. putin met with iran's president ayatollah ham nay. state tv quoted ham nay as a warning toward the western deception. putin met with turkey's president also in teheran. the world health organization has a warning. cases in europe have tripled in the past six weeks and hospitalization rates have

the palestinians pulled the plug on u.s. ties under donald trump. saw if they hope for a new embrace, they seemed disappointed again. president biden: even if the ground is not right at this moment to restart negotiations, the u.s. and my administration will not give up on trying to bring palestinians and israelis on both sides closer together. the palestinian leader said time was running out on their hope for an independent state, part of the so-called two state solution. he said the chance might not remain for long. mr. biden did come with a checkbook, gestures to ease live for some palestinians. like millions of pounds for east jerusalem hospitals, this one specializing in neonatal care was nearly slept -- shut down when mr. trump slashed aid. palestinians say that the money does not solve big problems. >> if our government won't support us. >> on his way in president biden passed through israel's west bankeparation barrier. they think he's not putting pressure on israel ending occupation. today he pledged accountability over the death of the pal