Volatility Won't End Until There's a Trade Deal, Jim Bianco Says
Bianco Research President Jim Bianco discusses the recent volatility in financial markets on "Bloomberg The Close." (Source: Bloomberg)
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Mamdani Shock Gives NYC Mayor Adams a Shot at Making a Comeback
(Bloomberg) -- Andrew Cuomo's loss is Eric Adams' gain. US Renters Face Storm of Rising Costs US State Budget Wounds Intensify From Trump, DOGE Policy Shifts Commuters Are Caught in Johannesburg's Taxi Feuds as Transit Lags Mapping the Architectural History of New York's Chinatown Just days ago, the New York City mayor faced steep reelection odds. His job-approval ratings had plunged to record lows after a federal corruption indictment. Support among Democrats fell even further when the Trump administration dropped the charges, raising questions about Adams' indebtedness to the White House. But Adams, who dropped out of the campaign as a Democrat to run as an independent, is suddenly looking less toxic to a class of moderate voters. The reason: The surprise ascendancy of democratic socialist Zohran Mamdani, a 33-year-old state assemblyman who crushed Cuomo in Tuesday's primary election to become the all-but-certain Democratic nominee. Also read: Wall Street Decries 'Hot Commie Summer' After Mamdani Surprise Now Cuomo's backers — many of them opposed to Mamdani's populist platform of taxing the wealthy and raising corporate levies — are discussing whether to pivot their support to Adams, according to people familiar with the matter. Those same donors are encouraging the former governor, who considered a run as an independent, to drop out of the race entirely to avoid being a spoiler, said the people, who asked not to be named discussing private conversations. On Wednesday, Adams launched a new campaign slogan: 'Delivers. Never Quits.' In the evening, he met with donors, advisers and supporters — including former chief of staff Frank Carone — to plot out his campaign strategy, said people with knowledge of the gathering. 'We have two choices, which is to support Mamdani and try to get on his good side, or try to see if we can resurrect Eric,' said Jeff Gural, chairman emeritus of real estate firm Newmark Group, who donated to Cuomo's PAC. He said he would 'certainly' rather have Adams than Mamdani. Donors to Cuomo's campaign and the PACs that backed him had together raised more than $30 million, with support from billionaires including Bill Ackman, Dan Loeb, Steven Roth and former Mayor Michael R. Bloomberg, the founder and majority owner of Bloomberg News parent Bloomberg LP. The longtime member of the Democratic establishment quickly emerged as a front-runner in the crowded primary — a striking development given his 2021 resignation as governor after multiple charges of sexual harassment, which he denies. The Cuomo campaign's ability to raise money in seven-figure checks helped to starve the Adams campaign of donors. The incumbent mayor lost the endorsements of Democratic officials and the labor unions who'd backed him in 2021. Now, Adams' standing has climbed in prediction markets, which see a slightly wider lane for the incumbent to campaign in. 'Eric has actually done a good job especially lately as he's surrounded himself with a superstar police commissioner and his first deputy is also well-regarded,' said Gural. 'Obviously he's made some mistakes but I think he has the city going in the right direction.' Scott Rechler, the head of landlord RXR Acquisition Corp. and a donor to Cuomo's campaign, also said he wants the field to narrow. 'The risk in the general election side is that Adams, Cuomo and a Republican candidate wind up splitting votes, and Mamdani falls into City Hall by default,' Rechler said. 'Hopefully it becomes a field of one.' Cuomo has said he will wait to see the full results of the ranked-choice voting primary before making a decision on his campaign. Adams was invigorated by the primary results, and made a string of media appearances ahead of his official reelection campaign launch. He derided Mamdani as 'a snake oil salesman' who will do anything to get elected. Mamdani already has the backing of Democrats such as US Representative Jerrold Nadler, Kings County Democratic leader Rodneyse Bichotte Hermelyn and New York Attorney General Letitia James. An adviser to Cuomo's campaign noted that Democrats and labor unions quickly coalesced behind progressive Bill de Blasio when he won the 2013 Democratic mayoral primary against then-City Council Speaker Christine Quinn, who had broad support among business leaders and moderate Democrats. Cuomo polled well with older Black and Hispanic outer-borough voters, groups that helped bring Adams to victory in 2021. But that wasn't enough to overcome Mamdani's turnout among younger New Yorkers, who voted in significantly higher numbers than they had in the 2021 primary. Some Republican donors and strategists are now discussing pathways to remove Republican nominee Curtis Sliwa from the party's ballot line in November in order to give the spot to Adams. That maneuver is a tricky one to execute — under New York election law, candidates can only be removed from the ballot if they're disqualified — typically by dying, going to prison, or moving out of the state. Sliwa denied he was looking for an exit. 'The only job I'm focused on is earning your support to be the next Mayor,' he wrote on social media. 'I am running to serve you and move this city forward on January 1, 2026. No one else.' Ackman, one of Mamdani's most vocal Wall Street critics, said on X Wednesday that he hasn't made a decision on who he's now backing. But Adams isn't out of the running: The hedge fund billionaire said he likes the mayor and may ultimately endorse him. --With assistance from Patrick Clark, Natalie Wong and Katia Porzecanski. 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Fed's Daly Says Muted Tariff Impact May Open Door to Cut in Fall
By Catarina Saraiva and Updated on Save Federal Reserve Bank of San Francisco President Mary Daly said she's seeing increasing evidence that tariffs may not lead to a large or sustained inflation surge, helping bolster the case for a rate cut in the fall. 'My modal outlook has been for some time that we would begin to be able to adjust the rates in the fall, and I haven't really changed that view,' Daly said Thursday in an interview on Bloomberg Television.
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China's LNG Imports Continue Eight-Month Decline
LNG imports into China, the world's top buyer of the super-chilled fuel, continue to be weaker than the prior-year month for the eighth consecutive month in June, according to ship-tracking data from Kpler cited by Bloomberg. China is on track to import about 5 million tons of LNG this month, per Kpler's data. This volume, if confirmed, would be a 12% decline compared to June last year. Chinese demand for overseas LNG has thus extended its year-over-year decline for the eighth straight month amid rising pipeline gas flows and domestic production. This year's milder winter, weak industrial demand, and higher gas pipeline imports are set to result in the first decline in China's LNG imports since 2022. Last year, China imported a total of 76.65 million metric tons of LNG. This year, the volume is set to be between 6% and 11% lower compared to 2024 levels, according to estimates by research firms compiled by Reuters. LNG import demand in China has been weaker this year amid comfortably full winter inventories. Demand in the spring has been weighed down by weaker consumption growth in the industrial and chemicals sectors. Even if there is a rebound in demand in the latter half of 2025, China is still set for an annual decline in LNG purchases, analysts say. Part of the weaker LNG imports is also attributable to increased gas pipeline supply from Russia and central Asia, as well as rising domestic natural gas output. These two sources of gas supply are cheaper than the LNG option. China's weakness in LNG demand would be welcome news for the rest of Asia and Europe this summer and going into the winter. Asia's currently tepid LNG demand is set to become robust during the summer months as models suggest higher-than-usual temperatures across north Asia. Increased demand would be a boon to U.S. LNG exporters, which are also ramping up supply with new export plants. By Tsvetana Paraskova for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
