Episode summary
Daybreak Weekend: US Jobs, Wimbledon Tournament, Vietnam Eco | Bloomberg Daybreak: US Edition
Bloomberg Daybreak: US Edition
· · 38 min · Hosts: Nathan Hager
Summary
The episode previewed a busy week for investors across labor data, earnings, tennis, and Asian macro. In the U.S., Edward Harrison said the June non-farm payroll report could confirm that the labor market is steadier than recent “low fire, low hire” readings suggested, with payroll gains still running near 150,000 to 160,000 a month and unemployment around 4.3%. He argued that strong income and spending are helping sustain jobs, while sticky inflation could push the Fed toward an earlier hike than markets expect.
The stock watch centered on Nike, Constellation Brands, and General Mills. Christina Aino said Nike’s turnaround remains under pressure even as it brings in an outside CFO, while Constellation faces weaker alcohol demand and higher input costs. General Mills may be seeing some relief as Bloomberg Intelligence sees national brands recovering and pet food remaining a bright spot.
The program also looked at Wimbledon and Vietnam. Caroline Heepker’s segment highlighted Serena Williams’s return, soaring debenture prices, and player demands for a bigger share of tournament revenue. Doug Krer’s Vietnam preview focused on fast growth, inflation above target, ongoing trade friction with the U.S., and a market still trying to win broader emerging-market credibility.
Key takeaways
- Edward Harrison said the June jobs report could still show roughly 150,000 to 160,000 payroll gains a month, supporting the view that the U.S. labor market remains resilient.
- Harrison said the Fed is likely to hike this year sooner than markets expect if jobs stay strong and inflation remains elevated.
- Christina Aino said Nike’s turnaround is under pressure despite a leadership change, with the stock near its lowest level since 2014.
- Aino said Constellation Brands faces declining U.S. alcohol consumption and higher raw-material costs, even as World Cup ad spending offers some support.
- Bloomberg’s Vietnam preview said the country is still pushing for 10% growth, but inflation, trade scrutiny, and foreign-ownership limits remain key issues for investors.
Notable quotes
“I think yes, I do see that shifting. This uh low, fire, low, higher market that we' seen. I think last month's number broke that streak”
“the market expecting at least one hike this year, not two hikes. Uh the first date in which they expect a hike is in October”
“The stock price is still hovering at around the lowest since 2014 and investor confidence is a little bit still uh at the lows”
“Debentures, a niche financial instrument that grants the holders some of the best seats at Wimbledon, are now changing hands for more than half a million dollars”
“Vietnam is now facing three separate section 301 investigations, alleged excess manufacturing capacity, forced labor, and the most recent was into uh IP violations”
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 look to some key jobs data in the US and how they may affect Fed policy moving forward. I'm Nathan Hager in Washington. I'm Caroline Heka in London where we're asking if this year's Wimbledon tournament can serve up an ace.
I'm Doug Krer looking at the balance of growth and inflation for Vietnam's economy. 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 economic data in the US. On Thursday, we get non-farm payroll numbers for the month of June at 8:30 a.m.
Wall Street time. The report is coming a day earlier than usual uh due to the Independence Day observance. Here for a look ahead to the numbers is Edward Harrison, Bloomberg senior strategist and author of the Everything Risk newsletter.
Good to have you with us ahead of jobs Thursday, Ed, but it seems like we've been talking for so long about a low higher low fire labor market. Do you see that shifting ahead of what's to come this week?
Hi Nathan. I think yes, I do see that shifting. This uh low, fire, low, higher market that we' seen. I think last month's number broke that streak. Uh we got a 172,000 jobs added to non-form payrolls. We also uh had upward revisions to the prior months to the point where the 3-month average was even higher at 188,000.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- us jobs report
- stock outlook
- wimbledon tournament
- vietnam growth
- vietnam inflation
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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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