Police Search for Killer of Charlie Kirk; Wall Street Awaits Inflation Report

0:00The thing about AI for business, it may not automatically fit the way your business works. At IBM, we've seen this firsthand, but by embedding AI across HR, IT, and procurement processes, we've reduced costs by millions, slash repetitive tasks, and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business, IBM. Support for this show comes from public.com. If you're actively involved in your portfolio, you probably catch yourself repeating the same actions.

0:37Buying the dip, manually sweeping idle cash, putting on a hedge. On public, you can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English. Like, if the VIX hits 25, buy a put option on the S &P 500. Or, if my cash balance goes above$20 ,000, move the excess into my direct index. You approve the workflow and your agent handles the rest. Monitoring the market, watching for your conditions, and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API.

1:17Go to public.com slash market and fund your account in five minutes or less. That's public.com slash market. Paid for by Public Investing. Brokered services by Open to the Public Investing, Inc., member FINRA and SIPC. Advisory services by Public Advisors, LLC, SEC Registered Advisor. Complete disclosures available at public.com slash disclosures. This episode sponsored by Homebase. Homebase is built for small businesses trying to do it all. The neighborhood coffee shop, the local gym, the family-run restaurant. With Homebase, you can schedule your team, track time, run payroll, and manage hiring from one easy app, so you can spend less time chasing timesheets and more time running the business your customers love.

2:01More than 150 ,000 small businesses already use Homebase to keep their teams on track. Start free at joinhomebase.com. Homebase, built for small businesses that do it all. Bloomberg Audio Studios. Podcasts. Radio. News. Karen, we begin with an act of political violence in Utah. Good morning, I'm Nathan Hager. And I'm Karen Moscow. Here are the stories we're following today. Charlie Kirk, the conservative activist and founder of Turning Point USA, was shot as he was speaking to an outdoor crowd at Utah Valley University. He was rushed to a local hospital where he died. Utah Governor Spencer Cox reacted on the campus after the shooting.

2:42This is a dark day for our state. It's a tragic day for our nation. And I want to be very clear that this is a political assassination. Utah Governor Spencer Cox spoke as local police had a person of interest in custody. That person has been released. Officials say the gunshot may have been fired from a rooftop about 200 yards from where Kirk was speaking. Surveillance video shows a person in dark clothing who may be the suspect. Well, Nathan, Charlie Kirk's assassination has sparked shock and anger on both sides of the aisle. President Trump posted a video tribute on Truth Social last night. This is a dark moment for America.

3:25Charlie Kirk traveled the nation, joyfully engaging with everyone interested in good faith debate. His mission was to bring young people into the political process, which he did better than anybody ever. And in that video message, President Trump blamed rhetoric from, in his words, the radical left for contributing to the violence. Democrats are also condemning the attack. New York's Alexandria Ocasio-Cortez reacted on Capitol Hill. This is horrific. This is awful. And the assassination of Charlie Kirk risks an uncorking of political chaos. And it adds to a series of political violence in recent years, including the murder of a Minnesota Democrat earlier this summer, an arson at Pennsylvania Governor Josh Shapiro's home, and two attempts on President Trump last year.

4:18Charlie Kirk leaves behind a wife and two young children. He was 31 years old. Well, Karen, Americans are also marking the 24-year anniversary since the September 11th attacks. At the World Trade Center site in New York City, the nearly 3 ,000 victims' names will be read aloud. We get more from Bloomberg's Lisa Mateo in Manhattan. The first moment of silence comes at 846, marking the moment Flight 11 struck the North Tower. After, houses of worship will toll their bells throughout the city, and then families of the victims begin reading their names in pairs. The next moment of silence comes at 9.03 when Flight 175 struck the South Tower.

4:58At 9.20 we get moments of silence at both the New York Stock Exchange and NASDAQ. Silence happens again at 9.37 the time Flight 77 struck the Pentagon. At 9.59 silence marks the time of the fall of the South Tower. 10.03 we observe silence for the time Flight 93 crashed near Shanksville, Pennsylvania. The day's last moment of silence happens at 1028, the time the North Tower fell. The full commemoration concludes in the noon hour after all victims' names have been read. In New York, Lisa Mateo, Bloomberg News. All right, Lisa, thank you. We want to turn to the trade war now, and Mexico plans to impose tariffs of as much as 50 percent on products made by China.

5:42We get more with Bloomberg's John Tucker. And, John, what's behind the move? Yeah, Mexico's president, Claudia Sheinbaum, Karen, is aligning her country more closely with U.S. protectionism. She's hoping to appease President Trump ahead of talks over North America's free trade deal. Mexico has become the biggest destination for cars from China. And that doesn't sit well with President Trump as he wages the trade war with China. Higher Mexican tariffs would apply to a list of more than 1 ,400 categories of products, including autos. China, South Korea, and India are among the exporters that would be hit.

6:16Now, Mexico has replaced Russia as the top destination for exports of Chinese cars. General Motors, Ford, and Stellantis ship their China-made cars to Mexico and other parts of Latin America, where they're sold relatively cheaply. Now, the U.S. and Canada have a free trade pact with Mexico, known as USMCA. The terms of that pact call for a review next year, which may open the door for renegotiation. between the three countries. In New York, I'm John Tucker, Bloomberg Radio. All right, John, thank you. The CEO of one of the world's biggest banks says the impact of global tariffs on the U.S. economy and Fed monetary policy remains unclear.

6:54We spoke with UBS Chief Sergio Armadi in Hong Kong. The true issue on tariffs will be seen on consumers. In the U.S., we will need to see exactly if there is an inflationary aspect of tariffs. And is that still unclear at this point? I think it's unclear. That was UBS Chief Sergio Armadi speaking this morning with Bloomberg's David Inglace in Hong Kong. For the full conversation, head to the Bloomberg podcast channel on YouTube. Nathan, we also caught up with another banking boss this morning. Citigroup CEO Jane Frazier said the U.S. economy is proving resilient due to robust consumer spending and that she doesn't see a recession on the horizon.

7:34And Frazier spoke with Bloomberg's Jumana Briseci in Dubai. I still see very strong pipelines. I see high level of engagement from clients. I see a sense of urgency as well, given the speed with which industry structures are changing. And there is still growth opportunity. I think growth will be a notch lower. We're keeping an eye on the labor market. It's a low churn market. So not everything is rosy, but we don't see a recession on the horizon. Citigroup CEO Jane Frazier also said merger activity is rebounding as U.S. companies gain confidence from clearer policy signals. Turning to the markets now, Karen.

8:13Futures are pointed higher a day after stocks closed at another record high and ahead of this morning's key economic report on inflation. Economists forecast core consumer prices rose three-tenths of one percent for a second straight month. We get a preview from Bloomberg's Michael McKee. It's not whether consumer price inflation rose in August, but which products and by how much. The hunt is on for signs of tariff price pressure. Analysts will look to electronics, furniture and other durable goods, as well as food and clothing. Another category to watch, service prices, which unexpectedly rose last month.

8:49Core durables, meanwhile, rose at the fastest non-COVID rate since 2012 in yesterday's PPI report. Signs of import tax impacts may not deter the Fed from cutting interest rates next week, but they may affect market views on the path of rates going forward. Michael McKee, Bloomberg Radio. All right, Mike, thank you. While the economy and monetary policy are also in focus overseas this morning, the European Central Bank is expected to leave interest rates unchanged today. In fact, economists believe policymakers are finished with cuts for now. And as stocks set records on Wednesday, Karen, it was a historic day for Larry Ellis.

9:26The Oracle founder briefly surpassed Elon Musk to become the world's richest person. Allison's personal wealth soared$89 billion after Oracle's earnings and forecasts. That increase lifted his total net worth to more than$383 billion.

9:47Time now for a look at some of the other stories making news in New York and around the world. And for that, we're joined by Bloomberg's Michael Barr. Michael, good morning. Good morning, Karen. Today marks 24 years since the September 11th terror attacks. In New York City this morning, a group of firefighters and their families will be running 34.3 miles to remember and to remind others to never forget what happened that horrible day. They will run from Long Island to the World Trade Center to honor the 343 members of the FDNY who were killed that day. Joe Downey is the grandson of Ray Downey.

10:22Joe was only five years old when his grandfather died on 9-11. Joe Downey spoke to ABC7. My grandfather, he had four core values in his life. Family, faith, fitness, and the FDNY. So hearing about this run, this was a sum of all these values in one. About 3 ,000 people were killed that day in New York, Washington, and Pennsylvania. There was a deadly school shooting in the same Colorado county where the Columbine High School massacre took place 26 years ago. Authorities say Wednesday's suspected shooter died from a self-inflicted gunshot wound. The Jefferson County Sheriff's Department says the shooter wounded two other students with a handgun at Evergreen High School and are hospitalized.

11:07Sheriff spokesperson Jackie Kelly. Obviously, we're going to focus on that suspect's home, his car, his locker, all the things that we need to do to find out more about him and maybe why this happened. Jefferson County Sheriff Spokesperson Jackie Kelly says the shooter was a juvenile male. Opening statements get underway today in Fort Pierce, Florida in the trial of Ryan Ruth. He is facing criminal charges for allegedly attempting to assassinate then-candidate Donald Trump with a rifle at his golf club in West Palm Beach. Global News 24 hours a day. And whenever you want it with Bloomberg News Now, I'm Michael Barr and this is Bloomberg.

11:44Karen. Thanks, Michael. Time now for our Bloomberg Sports Update. And for that, we bring in John Stashauer. Thanks, Darren. Looks like the 49ers are going to have to play their Week 2 game in New Orleans without their starting quarterback, Brock Purdy. He's got a toe injury. Coach Kyle Shanahan calls him a long shot to play Sunday and says he actually may miss several weeks. Rough night, New York baseball. Mets lost in Philadelphia 11-3. Fields now lead the division by 10 games. The Yankees gave up 11 runs. Loss to the Tigers 11-1. So for the Yanks, back-to-back losses by 10 or more runs for the third time in Yankee history.

12:19That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. Whether you're planning a big tech event, launching a new campaign, or just stocking up on team gear, finding the right promotional products makes all the difference. 4imprint offers thousands of options, from on-trend apparel and premium drinkware to tech, totes, and giveaways, so you can find the right fit for any audience, purpose, or budget. it. You can customize it all, your logo, your message, your look, and many items come with no setup charge to help you save. And if you're really watching the bottom line, you'll find standout choices at every price point so you can make a real impact while staying on budget.

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13:37Just describe what you want to do in plain English. like if the VIX hits 25, buy a put option on the S &P 500. Or if my cash balance goes above$20 ,000, move the excess into my direct index. You approve of the workflow and your agent handles the rest. Monitoring the market, watching for your conditions and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API. Go to public.com slash market and fund your account in five minutes or less. That's public.com slash market.

14:15Paid for by Public Investing. Brokered services by Open to the Public Investing, Inc., member FINRA and SIPC. Advisory services by Public Advisors, LLC, SEC Registered Advisor. Complete disclosures available at public.com slash disclosures. This episode sponsored by Homebase. Homebase is built for small businesses trying to do it all. the neighborhood coffee shop, the local gym, the family-run restaurant. With Homebase, you can schedule your team, track time, run payroll, and manage hiring from one easy app, so you can spend less time chasing timesheets and more time running the business your customers love.

14:51More than 150 ,000 small businesses already use Homebase to keep their teams on track. Start free at joinhomebase.com. Homebase, built for small businesses that do it all.

15:06Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg.com and the Bloomberg Business App. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. The assassination of conservative activist Charlie Kirk has sparked shock and outrage across the political spectrum, and it's raised new questions about the state of this country's discourse. President Trump put it this way in a video tribute to the Turning Point USA founder. It's a long past time for all Americans and the media to confront the fact that violence and murder are the tragic consequence of demonizing those with whom you disagree day after day, year after year, in the most hateful and despicable way possible.

15:51That was President Trump in a video tribute to Charlie Kirk posted on Truth Social last night. This morning, we're joined by Terry Haynes, the founder of Pangea Policy. And Terry, This just seems to be the latest in a wave of political violence that's been going on in this country for years now. Could this change things? Good morning. Good morning, Nathan. I certainly hope so. It's disturbing in political Washington because I think it's taken by everybody as a direct shot at the First Amendment. I don't mean to abstract human tragedy, but there are these aspects. It's a direct shot at the First Amendment, freedom of assembly, freedom of debate, viewpoint diversity, all these things.

16:38And reckoning is necessary. I'll be optimistic about the possibility of that happening, but it's by no means a slam dunk. And to that point, I mean, we've seen on social media, Elon Musk posting on Twitter, the left is the party of murder. Some other conservative activists calling Charlie Kirk a martyr. And, of course, we've had attempts on President Trump's life just last year. What will it take for cooler heads to prevail from all this? You're absolutely right about that. You know, there's a long, long litany on both sides of outrage and direct action against people and things. I think you really need three changes inside the political class and outside of it.

17:32First, you need more humility than we've got today, a lot more of it, a sense that everything has gone too far and needs to stop. Secondly, you rightly point out the rhetoric, and the rhetoric is way over the top on both sides. Two days ago, a Democratic United States senator, who I'm not going to name because I'm not interested in outing anybody, said publicly that we're in a war right now to save this country, so you have to be willing to do whatever is necessary to save the country. That sort of rhetoric, as I point out, just as the most recent example of many, that has to be dialed down because the message is that you have to do whatever is necessary implies the kinds of things that happened yesterday.

18:19It does. And so there's that. And the final thing, too, is the political culture today on both sides rewards extremism, and that's got to stop. One way that can stop, there's a lot of different ways, is by making sure that just as in 2020, that those who fund the politics, individuals, companies, express their intolerance for this sort of intolerance. In our last minute, Terry, an act like this and coming after some of the others as well, does this point to an instability in our country? Put it in a broader context for us. I don't think it points to an instability in the country. I respect the conclusion.

19:09I don't think it points to an instability in the country. I do think it's a situation where people, whether they're officials in the United States government or ordinary citizens, find themselves gripped by this sort of apocalyptic rhetoric on both sides, again, and feel the need to somehow address the situation. And that's a problem. Now, I will be optimistic in the end because I lived through the 1960s and 70s as a child and a young adult. And that's exactly the same kind of thing that happened then. And we got past it. And I pray we do now. This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.

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20:39I'm Karen Moscow. And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak.

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