Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York,
Speaker 1: Bloomberg E living three to Washington, d C. Bloomberg to Boston,
Speaker 1: Bloomberg one, O six one to San Francisco Bloomberg and
Speaker 1: non sixty to the country Sirius XM Chado one nineteen
Speaker 1: and around the globe the Bloomberg Business app in Bloomberg
Speaker 1: Radio dot com. This is Bloomberg Daybreak. It's five thirty
Speaker 1: on Wall Street. Good morning. I'm Nathan Hagar and I'm
Speaker 1: Karen Moscow. We are just about four hours away from
Speaker 1: the open of US trading. Let's get you up to
Speaker 1: date on the news you need to know at this hour.
Speaker 1: Traders awaiting a policy decision from the European Central Bank.
Speaker 1: We had a preview from Bloomberg's James Wilcock in our
Speaker 1: London bureau. Options. Price Think suggests that traders haven't been
Speaker 1: this jittree about an ECP rate decision since the Central
Speaker 1: Brank is set to enquie and sets out the path
Speaker 1: with its first hikes eleven when it meets today. But
Speaker 1: what traders really want to know is President Christine the
Speaker 1: God would back fifty basis point hikes in the future
Speaker 1: as the Aurozone faces inflation accelerating at a record pace,
Speaker 1: and Bloombergs James Wilcox says the ECB decision will come
Speaker 1: down at am Wall Street time, well ahead of that, Karen.
Speaker 1: Stocks in Europe are lower, oil is hovering around a
Speaker 1: hundred twenty two dollars of barrel, and gasoline prices continue
Speaker 1: their record surge. We get the latest live at Bloomberg's
Speaker 1: John Tucker, John and Nathan. Gasoline prices have now top
Speaker 1: five dollars a gallon in sixteen states. Gas prices aren't
Speaker 1: likely to drop anytime soon. Increased oil demand continues to
Speaker 1: outpace the global supply. Gasoline inventories were at the lowest
Speaker 1: seasonal level in about eight years. That's according to the
Speaker 1: Energy Information Administration. It's all part of the overall inflation
Speaker 1: picture that continues to be a top focus of the
Speaker 1: White House and President Biden. Inflation is the is the
Speaker 1: is the vein of our existence? Or the President making
Speaker 1: the comments in an interview with ABC Late Night host
Speaker 1: Jimmy Kimmel live in New York, I'm John Tucker, Bloomberg Daybreak.
Speaker 1: All right, John, thank you about gasoline prices of now
Speaker 1: top five dollars a gallon and sixteen states gas prices
Speaker 1: are not likely to drop anytime soon. Increased oil demand
Speaker 1: continues to outpage the global supply. Gasoline inventories are at
Speaker 1: the lowest seasonal level in eight years, according to Energy
Speaker 1: Information Administration. Data is part of the overhaul inflation picture
Speaker 1: that continues to be a tough focus of the White
Speaker 1: House and President Biden. All right, Karen, thank you well.
Speaker 1: Shares of Tesla right now are up nearly three percent.
Speaker 1: Production in China more than tripled last month, despite the
Speaker 1: electric carmaker only recently getting its Shanghai factory back up
Speaker 1: to speed. And the transformation of Facebook continues. The company,
Speaker 1: which changed its name to Meta Platforms last year, will
Speaker 1: now trade under the ticker ticker Meta instead of f V. Karen,
Speaker 1: all right, Nathan, thank you. And futures this more our
Speaker 1: higher SMP futures up about fourteen points and down futures
Speaker 1: are up ninety NASDAK futures up fifty. Straight to hand
Speaker 1: your latest local headlines plus the check of sports, and
Speaker 1: this is Bloomberg. All right, Karen, thanks, It's five thirty
Speaker 1: three on wall streets still reigning still sixty nine degrees
Speaker 1: in Central Park and still slippery out there. The latest
Speaker 1: crash southbound Garden State Parkway by one. More coming up
Speaker 1: in traffic first, Michael Barr with more on what's going
Speaker 1: on in New York and around the world. Michael, thank
Speaker 1: you very much, Nathan. The House passed a package of
Speaker 1: gun to legislation, including raising them in a mage to
Speaker 1: buy a semi automatic rifle from eighteen one. Before the vote,
Speaker 1: Democratic Representative Mike Thompson's spoke in favor of the measure.
Speaker 1: Raising the age to buy an assault weapon saves lives.
Speaker 1: Limiting magazine capacity will limit the carnage of mauth shootings,
Speaker 1: and it saves lives. Going after traffickers, keeps guns out
Speaker 1: of the hands of people who shouldn't have them, and
Speaker 1: it saves lives. However, Republican Congressman James Cohmer disagrees with Thompson.
Speaker 1: We have people in the military, uh using weapons when
Speaker 1: they're eighteen and and uh, I mean that's good enough
Speaker 1: for a military anything that's a that's the way to
Speaker 1: be for law alading Central Comer was among the two
Speaker 1: hundred four Republicans who voted against the bill. Meanwhile, New
Speaker 1: York Mayor Eric Adams testified before our House Committee on
Speaker 1: Oversign and Reform on gun violence in Washington. Adams, who
Speaker 1: posted his comments on his Twitter account, says, it is
Speaker 1: a disgrace that virtually every day brings another bout of
Speaker 1: gun violence. We have facing a crisis that is killing
Speaker 1: more Americans than war. It crisis as now the number
Speaker 1: one cause of death for our young people. Mayor Adams says,
Speaker 1: it is high noon in America. Members of the House
Speaker 1: Committee investigating the events of January six will hold their
Speaker 1: first prime time hearing tonight to share what they have
Speaker 1: uncovered about former President Donald Trump and the dead storming
Speaker 1: of the US capital. Former President Trump, Donald Trump Jr.
Speaker 1: And his daughter Ivanka have agreed to answer questions under
Speaker 1: oath next month in the New York Attorney General's civil
Speaker 1: investigation into his business practices. A Manhattan judge signed off
Speaker 1: on the agreement that calls for the Trump's to give
Speaker 1: depositions starting July. The agreement comes after a series of
Speaker 1: setbacks for Trump's efforts. The block State Attorney General Letitia
Speaker 1: James is three year long investigation. Global News twenty four
Speaker 1: hours a day on here and on Bloomberg Quicktake powered
Speaker 1: by more than journalists and analysts more than a hundred
Speaker 1: twenty countries. I'm Michael Barron. This is Bloomberg. Nathan. Okay, Michael,
Speaker 1: thanks on Wall Street time for the Bloomberg Sports Update
Speaker 1: with John statshop all right, Nathan. Three games into what's
Speaker 1: been a strange NBA Finals, the Warriors have outscored the
Speaker 1: Celtics in the third quarters by a total of forty
Speaker 1: three point than the Celtics have won the fourth by forty.
Speaker 1: There hasn't been a close final score yet. In Boston,
Speaker 1: Celtics jumped in front to nine, then won that fourth
Speaker 1: three to eleven, third fewest points ever scored in the
Speaker 1: final quarter of a Finals game. Boston won six one
Speaker 1: hundred and now have to one in the series. Rangers
Speaker 1: and Lightning tied at two, game five tonight at the Garden.
Speaker 1: Rangers coach Gerard Glenn asked about Tampa Bay's ability to
Speaker 1: prevent the Rangers from scoring. When it's not a power plus,
Speaker 1: nothing that they haven't seen before. You know, they're doing
Speaker 1: different than just it's intense hockey and you gotta get
Speaker 1: ready to play it. And it doesn't seem to bother us.
Speaker 1: We're playing at home, so the last two games was
Speaker 1: as issues, yes, but we got to get better, so
Speaker 1: we will. Rangers have not scored a five on five
Speaker 1: goals since Game two, but they have one eight in
Speaker 1: a row had msg Yankees and Mets both suffered their
Speaker 1: most lopsided losses of the season. The Yanks seven game
Speaker 1: win streak endo at Minnesota eight to one. Yanks had
Speaker 1: just four hits. The Twins Jose Miranda had three, drove
Speaker 1: in three both Nestor Cortez and Clark Schmidt. They've got
Speaker 1: four runs. That's the most allowed this season by Cortez.
Speaker 1: Garrett Cole pitches. Tonight, Mets lost in San Diego thirteen
Speaker 1: to two. So outscored the last two nights two the
Speaker 1: Padres five runs in the fourth and in the four
Speaker 1: more in the fifth. John and I have bet Chris Basset,
Speaker 1: who gave up seven run. Mets are off tonight. They
Speaker 1: visit the Angels tomorrow. The Angels have lost fourteen games
Speaker 1: in a row. Three weeks ago, they were in first place.
Speaker 1: Half of those losses have been by one run. They
Speaker 1: just lost one nothing to the Red Sox and now
Speaker 1: won their last seven. John stash I went Bloomberg Sports. Okay, John, Thanks,
Speaker 1: It is seven on Wall Street. Time now for the
Speaker 1: Tri State Business Report. Here's Bloomberg's Cory. New York City
Speaker 1: is making a comeback. After the US was briefly frozen
Speaker 1: by COVID. People were leaving the city, but now that
Speaker 1: migration out of many neighborhoods has reversed, the city's population
Speaker 1: is still decreasing, but more households are moving into Manhattan
Speaker 1: than we're moving in before the pandemic in Manhattan. Apartment
Speaker 1: rents continued skyrocketing. Last month, the media hit four thousand
Speaker 1: bucks for the first time on record. Rates on new
Speaker 1: leases jumped from a year earlier in all time behind
Speaker 1: in three decades of data keeping. Luxury home developer National
Speaker 1: Realty Investment Advisers has filed from bankruptcy and its home
Speaker 1: state of New Jersey. The Sacacus firm says it was
Speaker 1: under investigation by securities regulators. The filing comes six weeks
Speaker 1: after the firm CEO step down. An independent manager took
Speaker 1: over and found a host of financial issues, according to
Speaker 1: court documents. That's your Bloomberg Dry State Business Report. I'm
Speaker 1: ed Corey E said. It's eight on Wall Street. Bloomberg
Speaker 1: Radio is on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred affiliate radio stations around the world. I'm
Speaker 1: Corney Donaho on ktr H in Houston. Brace Yourself, Spice Lovers,
Speaker 1: the worlds now facing a SACHA shortage. Belim Gina Servettian
Speaker 1: for k CBS and San Francisco. I'm reporting that Apple
Speaker 1: will be handling the lending itself for its new by
Speaker 1: Now Pay Later service als Matteo, and on camel X
Speaker 1: and s Lewis, I'll be reporting on the top car
Speaker 1: colors when it comes to resale. Timid Cory on w
Speaker 1: p AM in Cleveland. I'm reporting Kent State University is
Speaker 1: expanding into Rwanda. And those are some of the stories
Speaker 1: our hundred Bloomberg journalists and analysts are working on this
Speaker 1: morning around the world. It's five thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. The House
Speaker 1: Committee investigating the January sixth attack on the U. S.
Speaker 1: Capitol plans to hold a series of televised hearings about
Speaker 1: its findings starting on Thursday night. Its members should focus
Speaker 1: on presenting the facts, not scoring political points. The facts,
Speaker 1: after all, speak for themselves. Rioters who breached the Capitol
Speaker 1: that day assaulted more than a hundred police officers and
Speaker 1: caused more than thirty million dollars in damages. Prosecutors have
Speaker 1: charged more than eight hundred defendants with crimes related to
Speaker 1: the attack, including counts of seditious conspiracy. With all this
Speaker 1: on record, the committee's goals should be straightforward to lay
Speaker 1: out this learned and explain how to prevent a repeat attack.
Speaker 1: A sober, methodical presentation may not sway many votes, but
Speaker 1: it can still expose the causes of an assault on
Speaker 1: American democracy and perhaps serve as a warning for other
Speaker 1: officials toin with insurrectionary ideas. This editorial was written by
Speaker 1: the Bloomberg Opinion editorial board. I'm David Shipley. For more
Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash opinion
Speaker 1: or ope and go on the Bloomberg terminal. This has
Speaker 1: been Bloomberg opinion, and you can hear Bloomberg opinion commentaries
Speaker 1: every weekday. At this time, terminal customers can read more
Speaker 1: at O P I n GO SMP future is now
Speaker 1: at fifteen points. Staff futures up a hundred five dance
Speaker 1: stack features higher by fifty seven points. European stocks moving
Speaker 1: a little bit lower out of an ECB decision, with
Speaker 1: the European Central Bank getting ready to lay out a
Speaker 1: timetable for reining in inflation. Thoughts on these price pressures. Next,
Speaker 1: from the CEO of Amazon Andy Jassy, This is Bloomberg
Speaker 1: Bloomberg eleven three oh weather, rain right now clearing this afternoon,
Speaker 1: up for seventies for highs. We'll get up to near
Speaker 1: eighty under mostly sunny sky Tomorrow, Moore showers possible Saturday.
Speaker 1: Currently sixty nine degrees in Central Park five oh seven
Speaker 1: on Wall Street rain and sixty nine degrees in Central Park,
Speaker 1: slippery roads. Already dealing with the crash of the New
Speaker 1: York State through a south found New York's in ten
Speaker 1: details coming up in traffic First, Michael Barr with more
Speaker 1: on what's going on in New York and around the world.
Speaker 1: Staying dry, Michael, I'm trying to, I hope, so, thank
Speaker 1: you very much. Nathan. The House passed a package of
Speaker 1: gun the legislation Bloomberg said, Baxter reports, it's called the
Speaker 1: Protecting Our Kids Act. It includes raising the age limit
Speaker 1: for purchasing some kinds of automatic weapons, prevents gun trafficking,
Speaker 1: and address the safe storage. The arguments remained about the same.
Speaker 1: Republican Steve Scalise, all we see as a rush to
Speaker 1: go take away the rights of law binding citizens to
Speaker 1: have guns. Democrat Katie Porter. Shootings involving assault weapons are
Speaker 1: six times as deadly as shootings involving handguns. The true
Speaker 1: test comes in the Senate thal where passage is still
Speaker 1: considered an uphill battle. In San Francisco, I'm at back stair,
Speaker 1: Bloomberg Gay Break. Meanwhile, New York Mayor Eric Adams testified
Speaker 1: before our House Committee on Oversight and Reform on gun
Speaker 1: violence in Washington. Adams, who posted his comments on his
Speaker 1: Twitter account, says, it is a disgrace that virtually every
Speaker 1: day brings another bout of gun violence. It is high
Speaker 1: noon in America. Time for every one of us to
Speaker 1: decide where we stand on the issue of gun violence.
Speaker 1: Time to decide if it's more important to protect the
Speaker 1: profits of gun manufacturers or the lives about children. Mayor
Speaker 1: Adams says, we are facing a crisis that is killing
Speaker 1: more Americans than more. President Biden is kicking off his
Speaker 1: first full day at the Summit of the America's and
Speaker 1: Los Angeles, which brings together leaders from across the hemisphere
Speaker 1: every few years. Biden is working toward new agreements on
Speaker 1: economic development, climate change, and migration. We need to break
Speaker 1: the cycle where marginalized communities are hit the hardest by
Speaker 1: disasters and have the fewest resources to recover from crises
Speaker 1: and prepare for the next one. Also yesterday, President Biden
Speaker 1: made an appearance on ABC's Jimmy Kimmel Live, where he
Speaker 1: talked about gun reform and inflation. Inflation is mostly in
Speaker 1: food and in gasoline. At the phone, Biden called inflation
Speaker 1: the bane of our existence. Manhattan and broken. The rents
Speaker 1: continued skyrocketing last month, with the media hitting four thousand
Speaker 1: dollars for the first time on record. According to Miller
Speaker 1: Samuel and brokerage Douglas Element Real Estate Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than the hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael barn this is Bloomberg
Speaker 1: Nathan Alright, Michael, thank you, coming up to five ten
Speaker 1: on them all Street time for the Bloomberg Sports Updateken Morning,
Speaker 1: John Stry Morning, Nathan. Yankees and Mets two best records
Speaker 1: in baseball. They can be forgiven for both suffering lopsided
Speaker 1: losses on the road against good teams. They lost by
Speaker 1: a combined twenty one to three for both their worst
Speaker 1: losses of the season for the Yankees and eight to
Speaker 1: one defeat at Minnesota. The Twins score twice in four
Speaker 1: straight hitting. He's got home runs from Brian Buston and
Speaker 1: Brian Jeffers. Nestor Cortezer came into an e r a
Speaker 1: of one and a half, gave up four runs, suffered
Speaker 1: his first loss in more than a month. The Mets,
Speaker 1: who lost seven nothing on Tuesday, lost thirteen to two
Speaker 1: in San Diego. The Padres were roughed up Chris Bassett.
Speaker 1: Jake coroner Worth a three run home and he drove
Speaker 1: in five. The Mets room without Pete Alonso and Sterling
Speaker 1: Marte both left Tuesday's game with wrist and quad injuries.
Speaker 1: Both are day to day. NBA Finals Game three in Boston,
Speaker 1: the Celtics beat the Warriors one sixteen to one hundred
Speaker 1: to go up to one. The Celtics are now seven
Speaker 1: and oh in these playoffs after losses Game four tomorrow,
Speaker 1: Game five tonight at the Garden with the Rangers of
Speaker 1: one eight in a row, look to keep that going,
Speaker 1: regain the lead over Tampa Bay and at East Finals
Speaker 1: that are now tied to In London today the first
Speaker 1: ever round of the new Live Golf Tour, financially backed
Speaker 1: by Saudi Arabian interests. There's still Nicholson. I don't condone
Speaker 1: human rights violations. I don't know how I can be
Speaker 1: anymore player. I understand your question, um, but again, I
Speaker 1: love this game of golf. I've seen the good that
Speaker 1: it's done, and I see the opportunity for live golf
Speaker 1: too do a lot of good for the game throughout
Speaker 1: the world, and I'm excited to be about a part
Speaker 1: of this opportunity. Nicholson says he's earned the right to
Speaker 1: have a lifetime exemption that could also play the PGA Tour.
Speaker 1: Says will be in Boston next week for the US Open.
Speaker 1: John stash Were Bloomberg Sports, Thank you, John SMP futures
Speaker 1: up fifteen points, Staff futures up a hundred five dance
Speaker 1: that futures up fifty five points. The euro little changed
Speaker 1: against the dollar, training at one point zero seven one
Speaker 1: six ahead of an ECB policy decision. We preview it
Speaker 1: next to Simon French of Pan your Gordon, this is
Speaker 1: Bloomberg Bloomberg eleven three or whether this rain should clear
Speaker 1: out this afternoon We'll get up to near eighty degrees,
Speaker 1: mostly sunny, near eighty tomorrow, more showers possible. Saturday is
Speaker 1: then in the low seventies currently rain in sixty nine degrees. Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quicktape's
Speaker 1: a Bloomberg Business Clash and I'm Karen. Moscow and European
Speaker 1: equities are slipping this morning ahead of an ECB decision
Speaker 1: that will put the region's monetary policy on a path
Speaker 1: of tightening and help close the gap with global piers mean,
Speaker 1: while US stock indext futures are on the rise and
Speaker 1: we checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg, Guess and P futures are up fourteen
Speaker 1: points down futures up Nasdack futures up fifty three. The
Speaker 1: decks in Germany's down half per cent to in your
Speaker 1: treasury up three thirty seconds, he'll three point one percent.
Speaker 1: The yield on the two year two point seven seven percent.
Speaker 1: Nimex scrude oil is up tenth of a percent or
Speaker 1: eleven cents at a hundred twenty two dollars, twenty cents
Speaker 1: in barrel, comex schooled at a quarter percent or four
Speaker 1: dollars fifty cents at eighteen fifty two and ounce the
Speaker 1: euro one point oh seven one four against the dollar
Speaker 1: British found one point to five one nine and the
Speaker 1: end one thirty three point five too. And looking at bitcoin,
Speaker 1: it's up about one percent at thirty thousand and five
Speaker 1: hundred dollars. Today we are watching for the weekly report
Speaker 1: and initial jobless claims had to eat thirty Wall Street time,
Speaker 1: and that's a Bloomberg business flash. Now here's Muchael Barr
Speaker 1: with more on what's going on around the world. Michael,
Speaker 1: good morning, Good morning, Karen. After a day of emotional
Speaker 1: testimony on the Capitol Hill from families and survivors shattered
Speaker 1: by gun violence, the House passed a sweeping gun control
Speaker 1: package late last night. However, the measure is facing a
Speaker 1: roadblock in the Senate. The House of lut committee investigating
Speaker 1: the deadly January sixth Capitol attack will present its material
Speaker 1: for the first time in prime time tonight. In the
Speaker 1: end be A Finals, the Celtics beat the Warriors one sixteen,
Speaker 1: one hundred to take a two games to one lead
Speaker 1: in the series. In baseball, the Yankees and Mets lost,
Speaker 1: along with the Nationals and A's Red Sox and Giants.
Speaker 1: One Global Names twenty four hours a day on air
Speaker 1: and on Bloomberg Quicktake, powered by more than twenty seven
Speaker 1: the journalists and analysts more than a hundred twenty countries.
Speaker 1: Michael Barren, this is Bloomberg, Nathan alright, Michael, thank you.
Speaker 1: It is five nineteen on Wall Street Live from the
Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and five
Speaker 1: nineteen means we are about two hours and twenty six
Speaker 1: minutes away from A decision from the European Central Bank
Speaker 1: is expected to set the stage for the first interest
Speaker 1: rate heights in the Eurozone in more than a decade,
Speaker 1: as the As Europe continues to deal with the inflation
Speaker 1: the likes of which it has never seen. For more,
Speaker 1: we are joined this morning by Simon, French Chief Economists
Speaker 1: to Pandra Gordon. Simon, it's always great to speak with you.
Speaker 1: What is the ECB? What will President Christine Legard's signal today?
Speaker 1: M Yeah, good morning, Nason aloys. Pleasure to talk to you.
Speaker 1: So what we have is the last I think moment
Speaker 1: from the ECB Governing Council to prepare markets for um
Speaker 1: interest rate increases, as you say, the first time since
Speaker 1: twenty eleven. That would be the case in the Eurozone,
Speaker 1: but they really have a little choice with inflation running
Speaker 1: it now north of eight percent across the Eurozone. In
Speaker 1: terms of what to expect today, I think there are
Speaker 1: two things to look out for. One flexibility. How much
Speaker 1: will Christie mcgarden the Governing Council try and emphasize to
Speaker 1: markets that if peripheral spreads in countries like Italy and Greece,
Speaker 1: those spreads blowout versus German buns. What ability will the
Speaker 1: ECB have to act to address that? And secondly, we've
Speaker 1: seen fifty basis points moves from other central banks around
Speaker 1: the world, in Australia and Canada. In the US, I
Speaker 1: think the ECB is going to take a more gradual path,
Speaker 1: but there is some speculation there about fifty basis points
Speaker 1: in I think they will have to address those head on. Yeah, yeah,
Speaker 1: you were lead right into it, the speculation that is
Speaker 1: going on in the markets. But whether the ECB is
Speaker 1: going to signal a twenty five basis point move or
Speaker 1: a fifty basis point move. Are you expecting more clarity
Speaker 1: there on where the ECB stands, given that central banks,
Speaker 1: as you mentioned, have been going aggressive ahead of this decision. Yes, so,
Speaker 1: I think Chief Economists Philip Laine has talked about twenty
Speaker 1: five basis point increments in recent weeks, so certainly trying
Speaker 1: to reinforce the expectations of twenty five other than fifty um,
Speaker 1: they won't have any think rule out a move of
Speaker 1: fifty basis points. But I think if you look at
Speaker 1: the underlying dynamics of the Eurozone economy, look at core inflation,
Speaker 1: which is still only only but running at four percent,
Speaker 1: so less core pressures than we're seeing in the US
Speaker 1: or the UK. But also the fact that the Eurozone
Speaker 1: imports about sevent of its gross energy needs, so me
Speaker 1: in tern that starts to be deflationary and therefore some
Speaker 1: of the heavy lifting and getting inflation down will come
Speaker 1: from expensive energy imports. I think that is the case
Speaker 1: for why we see a divergence between the pace which,
Speaker 1: for example, the Federal Reserve will go at compared to
Speaker 1: what the e c B is prepared to go at.
Speaker 1: What are you expecting that we're going to get from
Speaker 1: the ECB when it comes to new economic projections. We've
Speaker 1: already heard, as you know, from the O e c
Speaker 1: D and the World Bank they've lowered their outlook for
Speaker 1: the year pretty significantly more than once so far this year. Yeah,
Speaker 1: and I think we will get the same indications from
Speaker 1: the e c B. I don't think these official forecasters
Speaker 1: deviate too much from the script, and for good reasons
Speaker 1: at the moment, given the global headwinds through higher energy costs,
Speaker 1: ongoing supply chain disruptions, particularly out of China, all those
Speaker 1: signs of those assign to ease. I think we're still
Speaker 1: in a official downgrade cycle for growth projections. I don't think, however,
Speaker 1: going to change fundamentally what the market sees is the
Speaker 1: rate path from the ECB. ECB have to respond to
Speaker 1: the risk that what is largely an exogenous trade shark
Speaker 1: starts to build into expectations for price growth, and those
Speaker 1: second order effects kick in and so growth projections although
Speaker 1: going coming down, I don't think you're going to haul
Speaker 1: down rate expectations at this point. Something about a minute
Speaker 1: left here, simon. What is the challenge for the ECB
Speaker 1: given those exogenous reasons for inflation the war in Ukraine particularly,
Speaker 1: does the ECB have the tools it needs to handle
Speaker 1: this kind of inflation? If it doesn't, it needs to
Speaker 1: acknowledge the fiscal policy has to also play a role
Speaker 1: in putting a floor, if you like, under Eurozone economic activity.
Speaker 1: But what it needs to do is accentuate flexibility to
Speaker 1: impose at the transmission mechanism to periphery countries or to
Speaker 1: corporate lending. Your household lending starts to get and pat.
Speaker 1: That's the Bob's success for Christine Legard today she achieved that.
Speaker 1: Then July is still very much live in terms of
Speaker 1: starting this process of normalization. Now we're listening to those
Speaker 1: comments from Christine Legard very closely. Later on this morning,
Speaker 1: following the decision, coming up at seven forty five Wall
Speaker 1: Street time, we will have full coverage for you as
Speaker 1: the e c B gets set to make that decision
Speaker 1: later this morning. Keep it right here on Bloomberg Radio.
Speaker 1: Simon French, chief economists at Pamier Gordon with us this morning, Simon,
Speaker 1: thanks to your insights ahead of that decision. Looking ahead
Speaker 1: to the market open, we have futures moving higher, a
Speaker 1: divergence they're compared to European shares. This morning, we have
Speaker 1: SMP futures up thirteen points right now down futures down
Speaker 1: or I'm sorry, they're up eighty nine points. NASDAC futures
Speaker 1: up forty six. Germany's DAX is down six tenths percent,
Speaker 1: The cat in Paris down three tenths of one percent.
Speaker 1: Tend your treasury right now, little change at three point
Speaker 1: zero two percent for the yield on the tenure note.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather. We're expecting
Speaker 1: this rain to clear out this afternoon. We'll get up
Speaker 1: to near eighty degrees today, mostly sunny tomorrow, but only
Speaker 1: for one day. More showers possible Saturday. Right now sixty
Speaker 1: nine is the rain continues live from the Bloomberg Interactive
Speaker 1: Broker Studios. Is Bloomberg day Break for Thursday June nine.
Speaker 1: Coming up this hour, the e c B gets set
Speaker 1: to tighten monetary policy, gesoline prices hit recognize in more states.
Speaker 1: The January six hearings get underwig in primetime tonight, and
Speaker 1: Twitter says it expects a vote on elon must take
Speaker 1: over bed later this summer. New York Millier Adams testifies
Speaker 1: before a House committee on gun violence. Lost. The House
Speaker 1: passes gun reformed legislation. I'm Michael Barre. More ahead, I'm
Speaker 1: John Stash Daron Sports the South, they speak, the Warriors
Speaker 1: in the NBA Finals, Rangers Lightning Game five tonight, lopsided
Speaker 1: losses for the Mets and Yankees. Tolls training ahead on
Speaker 1: Bloomberg Daybreak on Bloomberg eleven three on New York, Bloomberg
Speaker 1: ninety nine one, Washington d C, Bloomberg one oh six one,
Speaker 1: Boston Bloomberg nine sixties and Francisco Sirius XAM one nineteen
Speaker 1: and around the world on Bloomberg Radio dot com and
Speaker 1: via the Bloomberg Business app. And good Morning. I'm Karen Moscow,
Speaker 1: I'm Nathan Hacker. Bloomberg Daybreak brought to you by Informattica.
Speaker 1: In the Cloud, your data has the power to do
Speaker 1: the extraordinary, managed data across any location in the cloud
Speaker 1: for accurate and actionable insights. More at informattica dot com.
Speaker 1: And futures this morning are on the rise. It is
Speaker 1: five oh one on Wall Street. We checked the markets
Speaker 1: every fifteen minutes throughout the trading day on Bloomberg U
Speaker 1: S and P. Futures up seventeen points down, Futures up
Speaker 1: a hundred eleven. Nasday features up sixty eight, the ten
Speaker 1: year treasury up one thirty second. You have three point
Speaker 1: one percent, and the yield on the two year two
Speaker 1: point seven seven percent, and nine x screw to eal
Speaker 1: is down about two towns per cent or one cents
Speaker 1: at a d cents a barrel. Nathan, right, Karen. We'll
Speaker 1: have more of the markets in just a minute, but
Speaker 1: we begin overseas this morning. As the European Central Bank
Speaker 1: is getting ready to usher in a new era of
Speaker 1: monetary policy today to confront the threat of inflation running
Speaker 1: out of control. Bloomberg's You and Putts joins us live
Speaker 1: with the latest. Good morning You, and good morning Nathan
Speaker 1: and Karen. Today's decision, due at seven forty five am
Speaker 1: New York time, is set to announce an imminent end.
Speaker 1: It's a large scale asset purchases. The ECB is also
Speaker 1: to pay the way for its first rate increase in
Speaker 1: more than a decade next month. The plan would match
Speaker 1: of timetable unveiled by Presidents Christine the Guard. He wants
Speaker 1: to bring to an end the euro areas ultra low
Speaker 1: borrowing costs, but with rates that minus nor point five percent,
Speaker 1: that's likely more to come in London. I'mun pots big day,
Speaker 1: break right you and thank you all. We get the
Speaker 1: latest on inflation here in the US when the latest
Speaker 1: consumer price index is released tomorrow. Inflation, along with rising
Speaker 1: oil prices and tightening monetary policy, are of affecting investor outlook.
Speaker 1: A La Fiadora Walla, co c i O for a
Speaker 1: multi asset class Solutions at Rock Creek, talks about how
Speaker 1: she thinks investors should navigate the market volatility in terms
Speaker 1: of portfolio positioning. The most important stay nimble, stay flexible,
Speaker 1: raise cash where you can, and be prudent and cognizant
Speaker 1: of the trade offs between liquidity potential investments and have
Speaker 1: a longer term horizon. Rock Creeks Elafia dor O Walla
Speaker 1: says supply shortages are creating further uncertainty in Asia. Karen's
Speaker 1: stocks were weighed down by the impact of high inflation.
Speaker 1: Semiconductor shares across the region also fell after Intel warned
Speaker 1: of weaker demand. China showed export screw at a faster
Speaker 1: pace in May than the previous month, though sentiment waned
Speaker 1: on news of a mini lockdown in Shanghai. Turning to oil,
Speaker 1: which has surpassed a hundred twenty two dollars a barrel
Speaker 1: earlier this morning, gas prices are also hitting record prices
Speaker 1: and more states as Americans start to hit the road
Speaker 1: for peak driving season and Bloomberg John Tucker joins US
Speaker 1: Live with the latest junk of morning. Good Morning, Karen.
Speaker 1: Gasoline prices broken records for at least seven days. Prices
Speaker 1: have topped five dollars a gallon in sixteen states. At
Speaker 1: demand is still rising, Gasoline supplies are more inligned with
Speaker 1: levels that we usually see at the end of the
Speaker 1: driving season. We have seen ten weeks of declines and
Speaker 1: gasoline inventories. That's the longest run since twenty nineteen, and
Speaker 1: it's likely to drive oil prices even higher. Goldman Sachs
Speaker 1: increased its quarterly forecast for this year and into three,
Speaker 1: raising his w t I estimate for the next quarter
Speaker 1: to one hundred thirty seven dollars a barrel. Drivers in California,
Speaker 1: by the way, are paying the most in the country
Speaker 1: for gasoline, working over an average six dollars and thirty
Speaker 1: nine cents a gallon. Live in New York, I'm John
Speaker 1: Tucker Bloomberg Radio. All right, John, thanks, So it's not
Speaker 1: just drivers feeling the pain. Amazon CEO Andy Jazzy says
Speaker 1: his company's feeling the pinch of gas prices and inflation.
Speaker 1: I think we thought the inflation was started to attenuate
Speaker 1: with war in Ukraine. It just went the other way.
Speaker 1: It's significantly accelerated. So the cost of trucking and line
Speaker 1: hon ocean and air and fuel has just substantially gone up.
Speaker 1: Andy Jasse, CEO and of Amazon, spoke at the Bloomberg
Speaker 1: Technology some of it in San Francisco. You can catch
Speaker 1: more of that wide ranging interview with Andy Jase a
Speaker 1: little bit later in the program. Well. Nathan Bloomberg also
Speaker 1: spoke with investing giant Kathy Wood at the UP Summit
Speaker 1: conference in Arkansas about inflation. The head of our investment
Speaker 1: management thinks it will eventually come down. I've never seen
Speaker 1: inventory um surges like this in my career, and I've
Speaker 1: been around for a long time. I think this inventory
Speaker 1: issue highlights the cyclical reason we've been saying. You think
Speaker 1: inflation will unravel our investments, Kathy Wood says the greater
Speaker 1: risk to consumers and investors is actually deflation. Here why
Speaker 1: later this morning, We'll bring you more of our interview
Speaker 1: with Kathy Wood at six fifteen Wall Street time. Meantime,
Speaker 1: Karen Twitter is telling its staff that a vote on
Speaker 1: Elon Musk's deal to buy the company comes with some
Speaker 1: big names back busts bid. Bloomberg's Rnita Young joins US
Speaker 1: Live with more on that. Good morning, Granita, Good morning Nathan. Bloomberg.
Speaker 1: Sources say Twitter's top lawyer is reassuring the staff that
Speaker 1: the deal to sell the company to Elon Musk will
Speaker 1: go ahead and that a vote could happen in late
Speaker 1: July or early August. Meantime, regulatory filing showed Dubai based
Speaker 1: investment firm By Capital is committing seven hundred million dollars
Speaker 1: to help finance Musk's bid for Twitter. That makes the
Speaker 1: company the third biggest outside equity investor, and the deal
Speaker 1: has also drawn money from billionaire Larry Ellison and Sequoia Capital.
Speaker 1: Live in New York. I'm Ranita Young Bloomberg Daybreak, need
Speaker 1: to thank you. After nearly a year of investigating the
Speaker 1: US capital and surrection, the House Committee is about to
Speaker 1: go public with what it knows, starting tonight. Bloomberg's Amy
Speaker 1: Morris or pours from our newsroom in Washington. The committee
Speaker 1: has interviewed more than a thousand people and reviewed more
Speaker 1: than one D twenty five thousand documents, focusing on funding, motivation,
Speaker 1: and leadership of the mob that attacked the capitol on
Speaker 1: Anruary six last year. Tonight is the first in a
Speaker 1: series of public hearings. Some members are promising explosive new
Speaker 1: information with never before seeing photos and other exhibits. There
Speaker 1: could be as many as eight hearings and all but
Speaker 1: a formal schedule has not been released. It all starts
Speaker 1: at eight o'clock tonight, Wall Street time in Washington. I
Speaker 1: maybe more as Bloomberg day Break. Okay, thank you right now.
Speaker 1: SMP futures are up sixteen points down, futures up a
Speaker 1: hundred four, NASTAC futures up fifty eight points ten. Your
Speaker 1: treasury is up to thirty seconds the old three point
Speaker 1: zero one straight ahead, local headlines and a check of sports.
Speaker 1: This is Bloomberg Markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot com, the Bloomberg Business
Speaker 1: at and at Bloomberg Victaque is a Bloomberg Business lash
Speaker 1: and I'm Karen Moscow. This updates brought to you by
Speaker 1: Informatica and the Cloud. Your data has the power to
Speaker 1: do the extraordinary managed data across any of the cacation
Speaker 1: in the cloud for accurate and actionable insights. More at
Speaker 1: Informatica dot com S andp future is higher up fourteen
Speaker 1: points this morning down futures of ninety six and ASDAG
Speaker 1: futures of forty nine at ten year treasury. That'll change.
Speaker 1: You had three point two per cent and night make
Speaker 1: screwed oils down to ten per cent or twenty one
Speaker 1: cents and a hundred one dollar two cents a barrel.
Speaker 1: And that's a Bloomberg Business Flash. Now here's Michael Barr
Speaker 1: with more on what's going on around the world. Michael, Karen,
Speaker 1: thank you very much. The January six Committees Primetime Live
Speaker 1: hearings begin tonight. The committee will try to show the
Speaker 1: nation what sparked the Capitol riot and who was responsible.
Speaker 1: The House passed a package of gun legislation last night.
Speaker 1: It comes ahead of whatever compromise plan emerges from bim
Speaker 1: partisan negotiations in the Senate. In the NBA Finals, the
Speaker 1: Celtics beat the Warriors one sixteen, one hundred to take
Speaker 1: a two games to one lead in the series. In baseball,
Speaker 1: the Yankees and Mets loss, along with the Nationals and A's.
Speaker 1: The Red Sox and Giants won Global news twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists and analysted
Speaker 1: more than countries. Michael Barr and this is Bloomberg. Nathan, Okay, Michael. Thanks,
Speaker 1: It's five forty eight on Wall Street Live from the
Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. Now we
Speaker 1: want to bring you a wide ranging interview with Amazon
Speaker 1: CEO Andy Jase. He sat down with Bloomberg's Emily Chang
Speaker 1: at the Bloomberg Technology Summit in San Francisco. Jesse talked
Speaker 1: about the grim economic outlooks some business leaders have shared
Speaker 1: in recent weeks and what the next era for Amazon
Speaker 1: will look like. Ela Musk just came out saying he
Speaker 1: has a super bad feeling about the economy, Tesla laying
Speaker 1: off ten percent of his staff. Jamie Diamond says he's
Speaker 1: preparing for an economic hurricane. The World Bank just slashed
Speaker 1: its forecast for global growth. How do you feel about
Speaker 1: the economic climate? But it wasn't planting on giving any guidance. Please,
Speaker 1: but are super supermad? Yah? I think, uh, there's some
Speaker 1: things that it relates to Amazon that are useful to remember,
Speaker 1: you know. I think the first pieces remember that eighty
Speaker 1: five percent of the of the worldwide retail market segment
Speaker 1: share is offline. And if you believe that that equation
Speaker 1: is going to flip at some point, which we do,
Speaker 1: I think it will will flip over a long period
Speaker 1: of time. But if you believe that you have the
Speaker 1: companies that have great customer experiences like we do, I
Speaker 1: think we're gonna are gonna do all right. And you know,
Speaker 1: and that and great customer experiences mean you have really
Speaker 1: broad selection, low prices, and very fast delivery that's reliable
Speaker 1: to customers. You know. I also think that if you
Speaker 1: look at different town turns, um, you know, should we
Speaker 1: have one at some point. We've been through a few
Speaker 1: obviously in the twenty five years that I've been at Amazon.
Speaker 1: Customers change their habits. You know. They tend to be
Speaker 1: pickier about what they buy and when they buy and
Speaker 1: who they buy from, and they often pick the partners
Speaker 1: in the companies that they trust, you know, and that
Speaker 1: have great customer experiences, like the dimensions I mentioned earlier, UM.
Speaker 1: And so you know, I also think there's you know,
Speaker 1: those two reasons, those two factors give me some optimism
Speaker 1: that even if we have a downturn, that we have
Speaker 1: the potential to still grow the theme of this conference
Speaker 1: is moving forward? What are the moon shots at Amazon
Speaker 1: that are capturing most of your time and attention? What
Speaker 1: is going to define the next era of Amazon? I mean,
Speaker 1: is it? Is it astro the home roll about or
Speaker 1: is it something else? Well, you know, we have a
Speaker 1: unique way that we look at big new investments. And
Speaker 1: I'm not sure it's right or roll and it just
Speaker 1: happens to be our way. And we ask ourselves when
Speaker 1: we're considering something four questions. We ask, uh, if it's successful,
Speaker 1: can be big and move the needle in Amazon is
Speaker 1: being well served today? Do we have a differentiated approach
Speaker 1: and do we have competence there? And if not, can
Speaker 1: we acquire quickly? If we like the answer to those
Speaker 1: scions will go pursue it with a single thread team
Speaker 1: that isn't distracted by the rest of the business. And
Speaker 1: sometimes that leads to innovation investments that seemed pretty obvious.
Speaker 1: Like you know, when I got today, a company was
Speaker 1: a books only retailer, and then we expanded to music
Speaker 1: and video and electronics and choice, it seems obvious to people.
Speaker 1: Other times that process does not lead to investments to
Speaker 1: seem obvious to people. I mean, AWS was something that
Speaker 1: people externally and internally thought was a little bit nutty
Speaker 1: at the time. But just imagine what Amazon would be
Speaker 1: today without AWS and and I think that you see
Speaker 1: the same thing here. You know that there are so
Speaker 1: many significant investments from making that I'm excited about. I'm
Speaker 1: gonna have to constrain myself to a few, but you know,
Speaker 1: I'm really excited about what we're doing in the prime
Speaker 1: video space. Um, I think we're clearly on the right
Speaker 1: track there and building a significant business. That's interesting because
Speaker 1: Netflix also just announced some layoffs, first subscriber loss in
Speaker 1: a decade, Disney cutting back on costs. Do you see
Speaker 1: Amazon strategy has fun to mentally different from Netflix and
Speaker 1: Disney And if so, how well, I know, we're very
Speaker 1: bullish on it. And remember we have all the all
Speaker 1: of the models are a little bit different. But for
Speaker 1: Prime Video, we have two uni million plus Prime subscribers,
Speaker 1: who are you know, get that entertainment for free by
Speaker 1: being part of Prime and so we have a little
Speaker 1: bit different pricing model than some of the others. But
Speaker 1: I'm incredibly encouraged by what we have coming. If you
Speaker 1: if you look at mean we launched the show Reacher
Speaker 1: earlier in the year. It was a huge hit. We
Speaker 1: you know, we have a new masal Um season. I'm
Speaker 1: very bullish about it. Um We also, you know, we're
Speaker 1: excited about what we've done with mgm uh. You know,
Speaker 1: I think some of the assets there will go very
Speaker 1: well with the rest of what we're doing. Entertainment wise,
Speaker 1: we haven't and I supported um channel there or platform
Speaker 1: there and free b which I think is appealing. And
Speaker 1: I'm optimistic that we have a chance to build a
Speaker 1: significant grocery business, which is you know, early stages for us.
Speaker 1: I am excited about Kiper, which is a little Earth
Speaker 1: orbit satellite that we're building. I continue to be very
Speaker 1: optimistic about Alexa. And then you are autonomous driving ride
Speaker 1: hailing service and zoos that were building, you know here
Speaker 1: in the Bay Area. I just think with the way
Speaker 1: auto consumption is evolving, I think that also is a
Speaker 1: chance to be a really significant business. And that was
Speaker 1: Amazon CEO Andy Jesse speaking with Bloomberg's Emily Chank. Be
Speaker 1: sure to get Emily's Bloomberg Tech podcast wherever you get
Speaker 1: your podcasts. Karen, all right, Nathan, thank you, and it
Speaker 1: is five fifty three on Walls Street at this time.
Speaker 1: Now for a the Bloomberg Law Report, brought to you
Speaker 1: by American Arbitration Association. Business disputes are inevitable, resolve faster
Speaker 1: with the American Arbitration Association, the global leader in alternative
Speaker 1: dispute resolution for over ninety years. More at a d
Speaker 1: R and dot org. And now one of the legal
Speaker 1: stories we're watching this morning, the Houses January six Committee
Speaker 1: will hold hearings in primetime tonight. But as far as
Speaker 1: the Justice Departments and massive investigation into attack on the
Speaker 1: Capitol eventeen months in and prosecutors have scored relatively few
Speaker 1: felony convictions. However, there are indications that the investigation is
Speaker 1: entering a more aggressive phase with respect of potential felonies
Speaker 1: committed by lawyers and organizers ahead of January six to
Speaker 1: stop the vote certification for more Bloomberg's doing ground So
Speaker 1: speaks to Chris Strom Bloomberry Legal reporter, give us sort
Speaker 1: of the scorecard for the investigation so far. You know,
Speaker 1: how many prosecutions, how many convictions. The investigation has been
Speaker 1: criticized for moving at the glacial pace, and I think
Speaker 1: the statistics back up some of the criticism. So far,
Speaker 1: the department has brought charges against about eight hundred and
Speaker 1: fifty individuals, but by far most of the charges are
Speaker 1: for misdemeanors on the day of January six, such as,
Speaker 1: you know, illegally entering the Capitol building. So far, the
Speaker 1: department has charged about two hundred fifty people with assaulting
Speaker 1: or resisting officers, which is one of the most serious
Speaker 1: charges that have been brought. In terms of resolutions to
Speaker 1: some of these cases, two hundred fifty people have pleaded
Speaker 1: guilty to misdemeanors and sixty I pleaded guilty to felony.
Speaker 1: In terms of sentencing, by far, most people are getting
Speaker 1: probation or find it's believed that two thousand people are
Speaker 1: ultimately going to be charged, but the Department has only
Speaker 1: brought charges against eight hundred and fifty people so far,
Speaker 1: and there's been no charges brought for the potentially criminal
Speaker 1: activities that were taking place before January six by former
Speaker 1: President Trump and his lawyers and his inner circle in
Speaker 1: terms of creating false electors or trying to alter vote.
Speaker 1: Attorney General Merrick Garland has said, I think several times
Speaker 1: that they're going to follow the evidence wherever it leads,
Speaker 1: but there seems to be no confidence that they will
Speaker 1: pursue the former president if that's where the evidence leads. Well,
Speaker 1: there's an interesting dichotomy that that's happening with the investigation now.
Speaker 1: The charges against people who had stormed the capital in
Speaker 1: January six are moving very very slow and have seemed
Speaker 1: to stagnate. But the investigative activity against the small group
Speaker 1: of people who were part of Trump's inner circle who
Speaker 1: were working to overturn the election, the investigative activity against
Speaker 1: them is actually increasing at a greater pace. The Justice
Speaker 1: Department has started issuing grand jury subpoenas for information about
Speaker 1: organizing and fundraising activities in the days before January six
Speaker 1: about efforts to create false electors in key states, and
Speaker 1: the Justice Department is now increasing the pace of the
Speaker 1: investigation in the amount of investigative activity into the actions
Speaker 1: of Trump and the key people that we're working with
Speaker 1: Trump to try to return the election and as Chris
Speaker 1: Strom Bloomberg Legal reporters speaking with Bloomberg stun Grosso. Catch
Speaker 1: more of that interview plus analysis of the latest illegal
Speaker 1: news by subscribing to the Bloomberg Law Podcast or downloading
Speaker 1: the show at Bloomberg dot com slash podcast. Attorneys can
Speaker 1: find exceptional legal research and business development tools at Bloomberg
Speaker 1: Law dot com and on the Bloomberg terminal at b
Speaker 1: law Go. Futures this morning are on the rise. SNP
Speaker 1: future is up eleven points down, Futures of seventy two, nasday,
Speaker 1: futures of thirty nine ten, Your treasury up to thirty seconds.
Speaker 1: You have three point one percent. They yield them a
Speaker 1: two year two point seven seven percent, and I'm like
Speaker 1: screwd Oil is down three tenths per cent, still ahead
Speaker 1: on Bloomberg day Break and check on the business headlines
Speaker 1: and all the news you need to start your day.
Speaker 1: And this is Bloomberg