Episode summary
Daybreak Weekend: New Home Sales, UK Prime Minister, Japan Marine Day | Bloomberg Daybreak: US...
Bloomberg Daybreak: US Edition
· · 38 min · Hosts: Nathan Hager
Summary
US housing data is the first major focus, with new home sales due Friday after a weak spring selling season and another volatile month of mortgage rates. A guest says affordability, elevated borrowing costs, and consumer uncertainty are still weighing on demand, while builders are using incentives and even base-price cuts to clear inventory. The new housing bill is seen as supportive over the long run, but not an immediate fix for affordability or construction.
The week ahead is also packed with earnings from Tesla, Alphabet, and Intel. The discussion centers on whether Tesla is really becoming an AI, robotics, and autonomous driving story rather than just an EV maker, while Alphabet’s spending on AI infrastructure and TPUs remains the key number to watch. Intel faces a much tougher setup, with expectations elevated after a large rally and the risk that even a decent report could trigger profit-taking.
In the UK, the episode looks at Andy Burnham’s expected rise to prime minister and the tension between big reform ideas and fiscal constraints. In Japan, Marine Day is framed as a seasonal and cultural marker, but also as a reminder of inflation, tourism, consumer strain, and the country’s long-running debate over energy, plastics, and ocean health.
Key takeaways
- A guest says June new home sales may still be weak because affordability, mortgage-rate volatility, and consumer uncertainty remain major drags.
- The guest expects builders to keep leaning on financing incentives and some price cuts to move elevated spec inventory.
- The new housing bill is described as a long-term supply-side positive, but not a near-term affordability fix.
- Tesla’s earnings are expected to focus less on vehicle sales and more on robo-taxis, Optimus, chips, and AI spending.
- Intel faces a high bar after a big rally, and the guest says even a solid quarter may not be enough to push the stock higher.
- Andy Burnham’s expected UK premiership is framed as a test of whether devolution, tax changes, and spending relief can coexist with fiscal credibility.
Notable quotes
“the June data will really mark the end of the the new home spring selling season. And you know, it's been lackluster to say the least”
“We think as was mentioned earlier, capital gain tax is one quite likely candidate”
“This holiday is also known as Ocean Day or Sea Day”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Daybreak Weekend. Our global look at the top stories in the coming week from our Daybreak anchors all around the world. Straight ahead on the program, we'll look ahead to some key housing data along with earnings from some of tech's biggest companies. I'm Nathan Hager in New York. I'm Caroline Hepker in London where we're looking ahead to Andy Bernham's first few weeks as UK Prime Minister.
I'm Doug Krer looking at how the people of Japan will reflect this week on the ocean's vital role in life and culture. That's all straight ahead on Bloomberg Daybreak Weekend on Bloomberg 1130 New York, Bloomberg 991 Washington DC, Bloomberg 929 Boston, DAB Digital Radio London, SiriusXM121 and around the world on Bloombergradio.com and the Bloomberg Business app.
Good day to you. I'm Nathan Hager. We begin today's program with some key housing data in the US.
We get new home sales figures for the month of June. This Friday at 10:00 a.m. Wall Street time.
And for more on what to expect with the real estate market moving forward, we are joined by Drew Reading, US home building analyst for Bloomberg Intelligence. Great to speak with you, Drew. Uh after we kind of saw a surprise drop in new home sales last month, what's the risk we see another surprise this time around?
the June data will really mark the end of the the new home spring selling season. And you know, it's been lackluster to say the least. Um, you know, if we if we zoom out a little bit, on a year-to- date basis, we're up just about 2%.
And the most recent data we got, um, which is the highest frequency data we have on mortgage applications shows that applications to purchase new homes were up about 2%.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- new home sales
- uk prime minister
- japan marine day
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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