WEBVTT - Bloomberg Daybreak: March 21, 2022 - Hour 2 (Radio) 0:00:02.480 --> 0:00:05.880 Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg 0:00:05.960 --> 0:00:09.800 day Break for Monday, March two. Coming up this hour, 0:00:10.039 --> 0:00:12.720 a Boeing jet with more than one thirty people on 0:00:12.840 --> 0:00:17.320 board reportedly crashes in China. Ukraine rejects Russia's latest demands. 0:00:17.360 --> 0:00:19.440 As the war nears the end of its first month, 0:00:19.520 --> 0:00:22.560 President Biden hosts a call with European leaders to discuss 0:00:22.640 --> 0:00:25.319 the war, and oil surges for a third day with 0:00:25.520 --> 0:00:28.319 no end to the war in sight. Confirmation hearings begin 0:00:28.400 --> 0:00:32.200 today for President Biden. Supreme Court nominee plus Justice Clarence 0:00:32.240 --> 0:00:35.680 Thomas has hospitalized. I'm Michael barn More Ahead, I'm John 0:00:35.680 --> 0:00:37.839 stash Our. In sports, the n C Double A tournament 0:00:37.840 --> 0:00:40.800 field trimmed the sixteen, a win for the Rangers, losses 0:00:40.800 --> 0:00:45.559 for the Islanders and Nick. That's all straight Ahead on 0:00:45.760 --> 0:00:51.560 Bloomberg day Break on Bloomberg Elementary on New York, Bloomberg one, Washington, 0:00:51.640 --> 0:00:55.720 d C, Bloomberg one, O six one, Boston, Bloomberg nine sixties, 0:00:55.760 --> 0:00:59.760 San Francisco, Sirius x M one nineteen and around the 0:00:59.760 --> 0:01:02.520 world Old on Bloomberg Radio dot Com and via The 0:01:02.640 --> 0:01:09.040 Bloomberg Business at Good Morning I'm Nathan Hager and on 0:01:09.160 --> 0:01:11.880 John Tucker. Daybreak being brought to you by Interactive Broker's 0:01:11.920 --> 0:01:15.560 Simple i b k R Global Trader app. Deposit in 0:01:15.560 --> 0:01:18.279 your local currency and trade stocks in the US, Europe 0:01:18.280 --> 0:01:21.160 and Asia. Start your free trial at i b k 0:01:21.440 --> 0:01:25.000 R dot com slash Global Trader. The futures are lower 0:01:25.040 --> 0:01:26.960 to start the week at six o one on Wall Street. 0:01:26.959 --> 0:01:29.240 We checked the markets every fifteen minutes during the trading day. 0:01:29.280 --> 0:01:32.520 On bloomberg SMP futures are down five point. Staff futures 0:01:32.520 --> 0:01:35.440 down a hundred one. NASTAC futures are lower by forty 0:01:35.480 --> 0:01:38.480 four points. The tenure treasury is down nine thirty seconds. 0:01:38.520 --> 0:01:41.479 The yield two point one eight percent. John Nathan will 0:01:41.520 --> 0:01:43.199 have more on the markets in the minute. The first 0:01:43.240 --> 0:01:45.840 we had breaking news out of Asia. There are reports 0:01:45.840 --> 0:01:49.560 of the commercial plane crash in China. Bloomberg's Michael bar 0:01:49.680 --> 0:01:52.160 It joins US line with the very latest Michael, good morning, 0:01:52.200 --> 0:01:56.080 Good morning John. Chinese media report of Boeing seven thirty 0:01:56.160 --> 0:02:01.280 seven n G carrying one two passengers as Ashton Southwest China. 0:02:01.440 --> 0:02:05.120 Radar tracking from flight Radar twenty four shows that China 0:02:05.240 --> 0:02:08.520 Eastern Airlines flight took a steep descent as it was 0:02:08.560 --> 0:02:11.760 headed toward the province of Guangzhou. The New York Times 0:02:11.760 --> 0:02:14.519 says local officials saw flames and smoke rising from a 0:02:14.560 --> 0:02:17.720 hill sign in the area. Chinese State television says a 0:02:17.760 --> 0:02:20.320 rescue team as as symboled and his approaching the site. 0:02:20.600 --> 0:02:23.880 So far, China Eastern and Boeing have not been available 0:02:23.919 --> 0:02:27.079 for Common in New York. Michael Barr Bloomberg day Break, 0:02:27.120 --> 0:02:30.160 John Thanks Michael shares a bowing down almost seven percent 0:02:30.240 --> 0:02:33.239 at early tridding following that reported crash. We're being you 0:02:33.280 --> 0:02:36.240 know the latest details all morning right here on Bloomberg Radio. 0:02:36.560 --> 0:02:38.359 On In the meantime, John, we shift our focus down 0:02:38.400 --> 0:02:41.640 to the war in Ukraine as intense attacks continue. Ukraine 0:02:41.680 --> 0:02:46.160 is rejecting Russia's demand to surrender. Mary Paul bloombergs Baxter 0:02:46.360 --> 0:02:48.880 has the details. The Kremlin has said that if that 0:02:49.040 --> 0:02:52.560 was done, it would open humanitarian lanes. Ukraine said no, 0:02:52.880 --> 0:02:56.160 and Defense Secretary Lloyd Austin says the Russians may not 0:02:56.280 --> 0:02:58.600 be able to take Marapo. You haven't taken it yet, 0:02:58.639 --> 0:03:01.600 and we've seen in the paths that the Ukrainians have 0:03:01.680 --> 0:03:06.160 counterattacked that they've they've used their initiative to to move 0:03:06.200 --> 0:03:09.600 things around on the battlefield uh and and they presented 0:03:09.680 --> 0:03:13.720 some significant problems for the for the Russians. Meanwhile, more 0:03:13.919 --> 0:03:16.480 U S weaponry is expected to arrive in the next 0:03:16.560 --> 0:03:20.320 few days. In San Francisco. I'm at Baxter Bloomberg Daybreak. 0:03:20.400 --> 0:03:23.960 Thank said Ukraine's President Philadimir Zolensky is asking for more help. 0:03:24.280 --> 0:03:28.280 He addressed Israel's parliament, calling out hesitancy to provide military 0:03:28.320 --> 0:03:32.400 aid to and join in international sanctions against Moscow. Did 0:03:32.520 --> 0:03:36.320 not Could you explain why we are still appealing to 0:03:36.360 --> 0:03:39.320 the world in many countries appealing to you for help. 0:03:40.120 --> 0:03:44.880 Is it indifferent calculation or mediation without choosing side. I 0:03:45.000 --> 0:03:47.440 leave it to you to choose the answer to this question. 0:03:47.800 --> 0:03:52.080 I only note one thing that indifferent skills. Ukrainian President 0:03:52.120 --> 0:03:54.680 Zelinski has renewed he is affor it to negotiate with 0:03:54.760 --> 0:03:58.560 Russia's bladmir putin in Aida. Zelinski says Moscow is starting 0:03:58.560 --> 0:04:02.600 to use more destroy artillery in its attacks. The President 0:04:02.680 --> 0:04:05.640 Biden heads to Brussels for NATO summit this week, John, 0:04:05.680 --> 0:04:09.080 but before that trip he'll speak with European and UK leaders. 0:04:09.120 --> 0:04:12.760 This morning, Amy Morris has details from our Bloomberg room 0:04:12.760 --> 0:04:16.600 in Washington. President Biden's talk with the leaders of France, Germany, 0:04:16.680 --> 0:04:19.320 Italy and the UK is set for eleven this morning 0:04:19.320 --> 0:04:22.200 Wall Street Time. While in Europe, the President is also 0:04:22.240 --> 0:04:25.520 expected to visit Warsaw, where he'll meet with Poland's President 0:04:25.560 --> 0:04:29.800 Andre DooDah. Sources tell Bloomberg that later today, senior US officials, 0:04:29.839 --> 0:04:34.240 including Treasury Secretary Janet Ellen and National Security Advisor Jake Sullivan, 0:04:34.480 --> 0:04:38.320 will meet with executives in the energy, refining, financial services, 0:04:38.320 --> 0:04:42.039 in manufacturing sectors. Leaders from ex On Mobile, JP, Morgan 0:04:42.160 --> 0:04:44.960 Chase and other firms are expected to attend the off 0:04:44.960 --> 0:04:48.160 the record discussion about the global push to sanction Russia, 0:04:48.400 --> 0:04:52.800 up ending supply chains and exacerbating inflationary pressures. In Washington, 0:04:52.880 --> 0:04:56.320 on Many Morris Bloomberg Daybreak Thanks, Russia has begun using 0:04:56.400 --> 0:05:00.120 hypersonic missiles against Ukraine. It's a shift in strapp g 0:05:00.279 --> 0:05:03.280 that may signal a new phase of the war. Analysts 0:05:03.279 --> 0:05:05.599 expect more air power to be used as the Russian 0:05:05.640 --> 0:05:09.920 ground campaign stalls. NATO Secretary General Ian Staltonberg is also 0:05:09.960 --> 0:05:13.680 worried about chemical weapons. We know that Russia has used 0:05:13.839 --> 0:05:20.160 chemical agents uh in Europe before against their own political opponents, 0:05:20.520 --> 0:05:26.040 and they Russia has been facilitating supporting the outsold regime 0:05:26.080 --> 0:05:30.480 in Pseudo where chemical weapons has been used. So this 0:05:30.560 --> 0:05:34.080 is something we take extremely serious. NATO Secretary General Ian 0:05:34.120 --> 0:05:37.080 Staltenberg made the comments on NBC's Meet the Press her 0:05:37.240 --> 0:05:40.760 Sundays on Bloomberg Radio. No end to the war. Inside 0:05:40.839 --> 0:05:43.640 John oil is surging for a third day. Attacks by 0:05:43.680 --> 0:05:47.040 Iranian backed rebels on energy facilities in Saudi Arabia are 0:05:47.040 --> 0:05:49.599 also adding to the upward pressure. Crude is rallied almost 0:05:49.640 --> 0:05:53.760 fourteen percent since Wednesday. Checking prices now, Nimex crude is 0:05:53.839 --> 0:05:56.240 up three point six percent, or three dollars seventy six 0:05:56.240 --> 0:05:58.559 cents at a hundred eight dollars forty six cents of barrel. 0:05:58.839 --> 0:06:00.720 Brand is hired by three to half percent at a 0:06:00.880 --> 0:06:03.880 hundred eleven dollar sixty five cents, and his crude climbs 0:06:03.960 --> 0:06:07.480 inflation remains front end center. Today, J Powell gets another 0:06:07.600 --> 0:06:09.920 chance to weigh in on the matter. The vetch here 0:06:10.040 --> 0:06:14.080 makes remarks and answers questions at an economics conference in Washington. 0:06:14.680 --> 0:06:18.000 Critics like former Treasury Secretary Larry Summers, says the Central 0:06:18.000 --> 0:06:21.280 Bank needs to hike rates more aggressively. We've got to 0:06:21.360 --> 0:06:26.920 raise interest rates by more than four percentage points. We've 0:06:26.920 --> 0:06:29.680 got to raise them by four percent to stay neutral. 0:06:30.320 --> 0:06:32.880 We probably have to raise them more than that. So 0:06:32.960 --> 0:06:35.599 I think ultimately we're gonna need a four or five 0:06:35.720 --> 0:06:41.040 percent interest rates levels they're not even thinking of as conceivable. 0:06:41.160 --> 0:06:44.920 Former Treasury Secretary and Bloomberg contributor Larry Summers was against 0:06:44.920 --> 0:06:48.280 on Bloomberg's Wall Street week heard weekends on Bloomberg Radio 0:06:48.320 --> 0:06:50.800 and television as stay tuned for those remarks from j. 0:06:50.920 --> 0:06:53.200 Powell will bring those to you live coming up just 0:06:53.320 --> 0:06:56.520 before one pm Eastern. On the corporate front this morning, 0:06:56.560 --> 0:06:59.760 some merger Monday news. Berkshire Hathaways agreed to buy insurance 0:06:59.760 --> 0:07:02.760 comp the Alleghany for eleven point six billion dollars That 0:07:02.800 --> 0:07:06.479 works out to a twenty premium to Alleghany's last closing price. 0:07:06.680 --> 0:07:09.000 And private equity firm Toma Bravo has agreed to buy 0:07:09.040 --> 0:07:11.640 San Francisco based software company and A Plan and a 0:07:11.760 --> 0:07:14.520 deal valued at ten point seven billion dollars. Shares a 0:07:14.560 --> 0:07:17.760 Vanna Planner up almost twenty seven percent in early trading. 0:07:17.880 --> 0:07:24.680 This is Bloomberg at six or seven on Wall Street. 0:07:24.800 --> 0:07:27.040 Let's bring in Michael Barnet to find out what else 0:07:27.120 --> 0:07:29.960 is going on in New York hand around the world. John, 0:07:29.960 --> 0:07:32.400 thank you very much, sir. The Senate Judiciary Committee is 0:07:32.440 --> 0:07:34.800 set to beginning It's his story of Confirmation. Hearing is 0:07:34.840 --> 0:07:39.080 today for Judge John G. Brown Jackson, year old federal 0:07:39.160 --> 0:07:41.720 judge would be the first black woman on the Supreme Court. 0:07:42.120 --> 0:07:45.640 Jackson is expected to present an opening statement, then answer 0:07:45.720 --> 0:07:48.400 questions from the committee's eleven Democrats and of love and 0:07:48.440 --> 0:07:52.240 Republicans over the next two days. Senate Minority Leader Mitch 0:07:52.280 --> 0:07:54.920 McConnell says he is keeping an open mind. I'm gonna 0:07:54.960 --> 0:07:57.360 listen to the hearings and by the way, she'll be 0:07:57.400 --> 0:08:02.200 treated much better than democrat as are typically treated Republican 0:08:02.280 --> 0:08:05.880 nominated like Clarence Thomas and Brett Cabita Arts. Senator McConnell 0:08:05.960 --> 0:08:08.720 spoke on CBSS Face the Nation, which can be heard 0:08:08.760 --> 0:08:13.640 Sundays on Bloomberg. Supreme Court Justice Clarence Thomas remains hospitalized 0:08:13.680 --> 0:08:17.040 with flu like symptoms. According to the Supreme Court, Thomas 0:08:17.080 --> 0:08:19.800 is being treated with antibiotics for an infection and is 0:08:19.840 --> 0:08:23.960 resting comfortably. The new subvariant of the coronavirus has the 0:08:24.000 --> 0:08:27.800 attention of the nation. Stop infectious disease. Doctor Dr Anthony 0:08:27.840 --> 0:08:31.680 Fauci says the new coronavirus b A two subvariant is 0:08:31.720 --> 0:08:35.600 about fifty to six more transmissible than omicron. It does 0:08:35.640 --> 0:08:39.920 have an increased transmission capability. However, when you look at 0:08:39.960 --> 0:08:42.760 the cases, they do not appear to be any more severe. 0:08:43.480 --> 0:08:45.960 Dr Fauci says that's the good news, but he warns 0:08:46.000 --> 0:08:48.280 b A two could lead to an increase in COVID 0:08:48.320 --> 0:08:52.440 cases in the weeks ahead. Overall, sickness and hospitalizations have 0:08:52.559 --> 0:08:56.360 dropped to pre pandemic levels. Fauci spoke on ABC's This Week, 0:08:56.400 --> 0:08:59.520 which can be heard Sunday's right here on Bloomberg. Fans 0:08:59.640 --> 0:09:02.160 welcome back the Cinderella team of the men's n Z 0:09:02.280 --> 0:09:06.040 Double A Tournament. Jersey City St. Peter's University got a 0:09:06.040 --> 0:09:09.160 hero's welcome when they return Sunday. Everyone has a Peacock 0:09:09.280 --> 0:09:11.960 Nation is like, this is crazy because we're such a 0:09:11.960 --> 0:09:15.120 small school. Over the weekend, the fifteenth seed advanced to 0:09:15.200 --> 0:09:19.760 the sweet sixteen. Peacock's guard Darryl Banks, this doesn't amazing, 0:09:19.840 --> 0:09:22.959 you know, just growing up what if by basketball? And 0:09:23.000 --> 0:09:24.480 this is kind of always that you live for it 0:09:24.520 --> 0:09:27.200 as you dream of. Guard Darryl Banks and his St 0:09:27.200 --> 0:09:31.120 Peter's teammates now take on pur Due this Friday, Global 0:09:31.160 --> 0:09:33.520 News twenty four hours a day on air and on 0:09:33.640 --> 0:09:36.600 Bloomberg Quick Take, powered by more than twenty seven hundred 0:09:36.640 --> 0:09:39.360 journalists and analyists more than a hundred twenty countries. I'm 0:09:39.400 --> 0:09:47.040 Michael Barron. This is Bloomberg, John, Michael, thank you, and 0:09:47.040 --> 0:09:49.320 it's coming up on six ten on Wall Street. Time 0:09:49.320 --> 0:09:52.080 down for the Bloomberg Sports Uptake. Here's John stah Shower, right, 0:09:52.160 --> 0:09:54.120 John n C Double A tournament field is down to 0:09:54.160 --> 0:09:57.720 the sweet sixteen and includes Duke. Mike Schowski's coaching career. 0:09:57.800 --> 0:10:00.280 Not over. Yeah, Blue Devils pulled away. Wait, I eat 0:10:00.320 --> 0:10:03.319 Michigan State a sweet six states just with talent, you 0:10:03.400 --> 0:10:07.280 do it with character and uh, that's that's what my 0:10:07.360 --> 0:10:10.360 teams have had. But it's not like I've given them that. 0:10:11.480 --> 0:10:14.520 We've recruited that and we've made use of him. Coach 0:10:14.600 --> 0:10:16.959 k and Duke now headed out to San Francisco to 0:10:17.000 --> 0:10:19.320 play Texas Techa, who just got by Notre Dame. A 0:10:19.360 --> 0:10:22.040 two seed went down. Auburn lost to Miami in a 0:10:22.080 --> 0:10:25.079 one Seed nearly went down, but Arizona survived in overtime 0:10:25.440 --> 0:10:28.720 over TCU eleven seat at Iowa State is moving on. 0:10:28.760 --> 0:10:32.120 The Cyclones went too and twenty two just last year, 0:10:32.480 --> 0:10:36.320 also advancing Billeova, Houston and Purdue. And Purdue his next 0:10:36.360 --> 0:10:39.360 from Cinderella St. Peter's. That game is Friday night in 0:10:39.480 --> 0:10:41.920 Philadelphia at the Guard of the Next had recent wins 0:10:41.920 --> 0:10:45.400 over Portland and Washington, Utah much better team the Jazz 0:10:45.440 --> 0:10:47.360 won one O eight to ninety three. Is Donovan Mitchell 0:10:47.360 --> 0:10:49.640 scored thirty six points. Are J Barrett had twenty four 0:10:49.920 --> 0:10:52.080 for the next. What a weekend for the Rangers road 0:10:52.080 --> 0:10:54.360 wins first at Tampa Bay at the two times depending 0:10:54.360 --> 0:10:57.559 Stanley Cup Jampson. Last night at first Place Carolina was 0:10:57.600 --> 0:10:59.880 to nothing with backup goalie out of stores you have 0:11:00.000 --> 0:11:03.400 making forty four stads goals by Chris Pryder his forty 0:11:03.520 --> 0:11:06.960 one in the recent acquisition Frank Metrono. The Hurricanes hadn't 0:11:06.960 --> 0:11:09.520 lost a home game in regulation and over two months 0:11:09.520 --> 0:11:12.480 Islanders lost in Philadelphia to the one. The Red Sox 0:11:12.520 --> 0:11:15.040 signed free agents George dot Travor's story. They plan to 0:11:15.120 --> 0:11:17.040 use him at second base. He put up big numbers 0:11:17.080 --> 0:11:20.000 with Colorado whe the numbers tend to inflate, but he's 0:11:20.040 --> 0:11:23.160 had thirty seven and thirty five home runs. Easy. John 0:11:23.200 --> 0:11:26.520 stash Allan Bloomberg Sports John all Right, John, thanks a lot. 0:11:27.120 --> 0:11:29.320 Right ahead of the cash open on Wall Street, we 0:11:29.360 --> 0:11:32.160 have futures right now in the red. The down futures 0:11:32.200 --> 0:11:34.880 one hundred thirteen points lower, that's down three tenths of 0:11:35.040 --> 0:11:38.480 a percent, SMP EVENI future six points lower, that's down 0:11:38.840 --> 0:11:41.000 a tenth of a percent this morning. And then Izak 0:11:41.040 --> 0:11:44.760 E many futures forty four points slower, three tenths of 0:11:44.800 --> 0:11:49.040 a percent lower after last week's games in the markets, 0:11:49.280 --> 0:11:51.360 and as we look at treasuries right now, the benchmark 0:11:51.440 --> 0:11:54.360 ten year yield at two point one to eight percent, 0:11:54.480 --> 0:11:57.320 that is a three basis point the two year yield 0:11:57.400 --> 0:12:00.760 of four basis points at one point nine eight percent. 0:12:01.240 --> 0:12:07.320 You're listening to Bloomberg Debreak, Debreak, brought to you by Audie. 0:12:07.360 --> 0:12:09.400 Don't let someone else drive off of the Audi model. 0:12:09.480 --> 0:12:11.720 You always want to visit your try stating area AUDI 0:12:11.760 --> 0:12:13.920 dealer to get behind the wheel of yours today, or 0:12:14.000 --> 0:12:23.280 visit Audi offers dot com for more information, markets headlines 0:12:23.320 --> 0:12:26.280 and breaking news twenty four hours a day at Bloomberg 0:12:26.360 --> 0:12:29.760 dot com, The Bloomberg Business at and at Bloomberg Quick Tape. 0:12:29.960 --> 0:12:40.199 He's a Bloomberg Business Flash Nathan Hagar. Futures and European 0:12:40.240 --> 0:12:43.240 stocks are wavering. Crude oil is extending its climb as 0:12:43.240 --> 0:12:46.280 investors monitor diplomatic efforts to try to bring the an 0:12:46.400 --> 0:12:49.360 end to Russia's nearly month old war in Ukraine. We 0:12:49.440 --> 0:12:51.839 checked the markets every fifteen minutes during the trading day 0:12:51.840 --> 0:12:54.600 on Bloomberg. Right now, SMP futures are down eight point 0:12:54.679 --> 0:12:58.240 staff futures down a D seven, NASTAC futures are lower 0:12:58.320 --> 0:13:00.640 by fifty points. The ten You're try trees down eight 0:13:00.640 --> 0:13:03.559 thirty seconds. The yield two point one seven percent yield 0:13:03.559 --> 0:13:06.240 on the two year one point nine seven percent. Nime 0:13:06.320 --> 0:13:08.360 X screwed is up three point percent or three dollars 0:13:08.880 --> 0:13:10.800 cents at a hundred eight dollar sixty five cents of 0:13:10.880 --> 0:13:15.240 arrol comex gold little change down ten cents nine eight announced. 0:13:15.320 --> 0:13:17.640 The euro one point one zero five four against the dollar. 0:13:17.920 --> 0:13:19.880 The pound at one point three one four six the 0:13:20.000 --> 0:13:23.280 end one nineteen point to one. Quick check a bitcoin, 0:13:23.360 --> 0:13:25.960 it's a touch higher at forty one four hundred dollars. 0:13:26.120 --> 0:13:28.480 That's a Bloomberg business flash. Now here's Michael Barr with 0:13:28.520 --> 0:13:31.720 more on what's going on around the world. Michael Nathan, 0:13:31.760 --> 0:13:34.560 thank you very much. Chinese media reports of Boeing seven 0:13:34.679 --> 0:13:37.960 thirty seven n G carrying a hundred thirty two people 0:13:38.000 --> 0:13:42.200 has crashed in southwestern China. Radar tracking from flight Radar 0:13:42.280 --> 0:13:45.640 twenty four shows that China Eastern Airlines flight took a 0:13:45.720 --> 0:13:48.480 steep descent as it was headed toward the province of 0:13:48.480 --> 0:13:53.000 guang Shu. Chinese State TV says a rescue team has 0:13:53.080 --> 0:13:57.160 assembled and is approaching the site. Ukrainian officials have definantly 0:13:57.160 --> 0:14:00.320 rejected a Russian demand at their forces in mary Opal 0:14:00.720 --> 0:14:03.640 lay down arms and raised white flags in exchange for 0:14:03.679 --> 0:14:06.679 safe passage. The Senate Judiciary Committee is set to begin 0:14:06.760 --> 0:14:10.520 It's His Story confirmation hearings for Judge Katangi Brown Jackson. 0:14:10.840 --> 0:14:12.839 The fifty one year old federal judge, would be the 0:14:12.880 --> 0:14:16.320 first black woman on the Supreme Court. In college basketball, 0:14:16.360 --> 0:14:18.800 the Man's n C double A Sweet sixteen is set. 0:14:19.160 --> 0:14:22.360 Duke Kansas and Villanova advance. Yesterday in the NBA, the 0:14:22.400 --> 0:14:25.440 Knicks and Warriors lost. The Celtics won in the NHL, 0:14:25.480 --> 0:14:28.920 the Rangers won, the Islanders and Capitals lost. Global news 0:14:28.960 --> 0:14:32.080 twenty four hours a day on air and on Bloomberg Quicktake, 0:14:32.320 --> 0:14:35.160 powered by more than twenty seven hundred journalists and analysts 0:14:35.240 --> 0:14:37.760 more than a hundred twenty countries. Michael Barr and this 0:14:37.880 --> 0:14:40.360 is Bloomberg John, Michael, thank you, coming up on six 0:14:41.080 --> 0:14:44.359 Wall Street. We are live from the Bloomberg Intanto Brokers Studios. 0:14:44.400 --> 0:14:48.480 This is Bloomberg Daybreak. As we've been telling you, we 0:14:48.600 --> 0:14:52.240 have reports of a commercial passenger jet crash in China. 0:14:52.680 --> 0:14:55.520 Late breaking, still developing story. Let's find out what we 0:14:55.600 --> 0:14:58.480 know right now from Bloomberg's Will Davies in Hong Kong, 0:14:58.680 --> 0:15:02.800 who's following the bury late. What details can you impart 0:15:02.880 --> 0:15:07.120 to us right now, Will, John? Yeah, yeah, we still 0:15:07.120 --> 0:15:11.240 haven't developing. Still situation, that's unclear. What caused the cat 0:15:11.440 --> 0:15:13.280 the crash. It went the plane went down in a 0:15:13.320 --> 0:15:17.360 sort of wooded mountainous area. There is footage emerging on 0:15:17.560 --> 0:15:22.840 social media and China sharing the hillside in flames. The 0:15:22.840 --> 0:15:25.560 plane was carrying and thirty two people that's hung in 0:15:25.600 --> 0:15:28.640 twenty three passages and nine crew. It was heading towards 0:15:28.640 --> 0:15:32.880 Guangzhou in the south, a big manufacturing city, one of 0:15:32.920 --> 0:15:35.320 China's biggest cities, and it was flying from Kummin, which 0:15:35.360 --> 0:15:38.600 the capital of Yunnan Province in the southwest of the country. 0:15:39.480 --> 0:15:43.360 China Eastern was the air airline that's one of China's 0:15:43.360 --> 0:15:48.040 big biggest carriers, but based out of Shanghai. Um You know, 0:15:48.080 --> 0:15:51.720 it's a major state run carrier. So we haven't heard 0:15:51.720 --> 0:15:54.480 from them. They haven't made an announcement officially. I think 0:15:54.480 --> 0:15:58.800 they've acknowledged m the crash has taken place, but obviously 0:15:58.880 --> 0:16:01.400 they haven't come up with us. And yet they're sending 0:16:01.400 --> 0:16:04.360 a team down and President hues into in just issuing 0:16:04.400 --> 0:16:08.840 some comments now urging an investigation to find out what 0:16:09.120 --> 0:16:11.600 caused this crash. What do we know about the Boeing 0:16:11.640 --> 0:16:16.400 model that's involved. How does that differ from the Max? Uh, Yeah, 0:16:16.400 --> 0:16:19.080 it's a proceding model to the MAX. So the seven 0:16:19.120 --> 0:16:22.880 eight hundred next GM, it's uh, it's got a good 0:16:22.920 --> 0:16:28.040 safety reputation. Um the Max isn't allowed to commercially, hasn't 0:16:28.040 --> 0:16:31.760 been fully authorized the return to commercial service in China, 0:16:31.880 --> 0:16:34.400 So this is the model before that, and it had 0:16:34.440 --> 0:16:38.440 one of a good safety record. I think Bowie said 0:16:38.600 --> 0:16:41.040 in twos and eighteen. Around that time there have only 0:16:41.040 --> 0:16:43.320 eight Taple actidents involving that model out of more than 0:16:43.360 --> 0:16:46.880 seven thousand of those aircrafts sold. But that's actually a 0:16:46.880 --> 0:16:50.320 matter of tragedy. It looks it looks that way for sure. 0:16:50.840 --> 0:16:53.960 Um and it's bad news for Bowing as well as 0:16:53.960 --> 0:16:56.560 their share Pope looks to be dropping pretty fast in 0:16:57.160 --> 0:17:01.480 pre market. Yeah, and Bowing has not had a very 0:17:01.480 --> 0:17:06.000 smooth riot again. China in terms of the aviation regulators 0:17:06.040 --> 0:17:09.560 there has it. Yeah, I mean, there was progress made 0:17:09.640 --> 0:17:13.280 towards the un grounding of the Max. Most other markets 0:17:13.320 --> 0:17:16.080 around the world of the term the Max to the sky, 0:17:16.280 --> 0:17:18.520 the China which is the first to ground in March 0:17:18.960 --> 0:17:23.600 nineteen after the crash in Ethiopia. That's it's still remains 0:17:23.640 --> 0:17:26.720 grounded commercially anyway, There's been some test flights and it 0:17:26.840 --> 0:17:29.440 was looking like that it could be. I mean, they've 0:17:29.440 --> 0:17:31.560 given the initial approval for it to return, but it 0:17:31.640 --> 0:17:34.920 hadn't entered back into commercial service yet. So and there's 0:17:34.960 --> 0:17:37.639 various complications that have added to delayed. You know, the 0:17:37.840 --> 0:17:41.359 trade disputed between the US and China. UM, so the 0:17:41.400 --> 0:17:45.159 relationship between the two countries wasn't having the particularly smooth 0:17:45.240 --> 0:17:48.679 for several years, and their China is a huge market 0:17:48.840 --> 0:17:53.159 for Boy, so they've had a tough time trying to 0:17:53.200 --> 0:17:54.840 get the Max back in the air and it was 0:17:54.920 --> 0:17:56.880 just looking you know, it could have been a matter 0:17:56.920 --> 0:17:59.640 of weeks that it was going to return to commercial 0:17:59.680 --> 0:18:02.159 service US. But I'm not sure how this will impact that. 0:18:02.840 --> 0:18:07.600 What's the safety record of the airline involved, do we know? Yeah? 0:18:07.600 --> 0:18:10.159 I mean China's got well sunny in recent decades, a 0:18:10.240 --> 0:18:13.280 good good safety record. It's a trout of its recorded 0:18:14.000 --> 0:18:16.439 and flying China Eastern, like I said, one of the 0:18:16.480 --> 0:18:21.679 main state run carriers. It's hadn't had a crash since 0:18:22.160 --> 0:18:25.439 two thousand four. Fatal crash anywhere in the last rate 0:18:25.520 --> 0:18:28.720 of crash in China was twelve years ago in twenty ten, 0:18:28.880 --> 0:18:33.439 so it's had a good record of aviation safety in China. 0:18:34.720 --> 0:18:37.760 Bloomberg's Will Davies joining us from Hong Kong this morning. Will, 0:18:37.760 --> 0:18:41.480 thanks for the update. Appreciated again. Boeing seven thirty seven, 0:18:41.600 --> 0:18:45.680 eight hundred n G next generation plane operated by China 0:18:45.760 --> 0:18:50.160 Eastern Airlines crashed in the southwestern Chinese province that they 0:18:50.560 --> 0:18:54.040 well onety two people on board. One hundred and twenty 0:18:54.080 --> 0:18:58.640 three passengers and nine crew members. It is six twenty 0:18:58.760 --> 0:19:02.280 four on Bloomberg. This is Bloomberg Daybreak. We shift our 0:19:02.280 --> 0:19:04.600 attention out of the war in Ukraine. The fighting and 0:19:04.720 --> 0:19:09.000 evacuations have led to the humanitarian crisis. The flood of 0:19:09.040 --> 0:19:13.600 refugees continues into Europe, and Bloomberg's Agge Cantrell joins us 0:19:13.680 --> 0:19:17.240 this morning reporting from the u n World Food Program 0:19:17.359 --> 0:19:21.000 depot in Poland. And correctly, if I'm wrong, Aggie, but 0:19:21.040 --> 0:19:25.200 it's one gigantic warehouse there. What's what's the situation on 0:19:25.320 --> 0:19:30.280 the ground. Yes, so it's a really massive warehouse here 0:19:30.320 --> 0:19:32.760 that's currently being used by both the U n a 0:19:32.880 --> 0:19:36.040 c R and the World Food Program in order to 0:19:36.119 --> 0:19:40.080 ship out supplies to Ukraine. I've been speaking to people 0:19:40.080 --> 0:19:42.920 here saying that um the U n a c R 0:19:43.040 --> 0:19:46.480 Is providing everything from betting to solar lamps for people 0:19:46.760 --> 0:19:49.320 on the ground. Because it's really important to remember that 0:19:49.800 --> 0:19:51.800 in lots of parts of Ukraine right now, there is 0:19:51.840 --> 0:19:55.280 a complete lack of critical infrastructure, and cities like Mariopol, 0:19:55.400 --> 0:19:59.440 which we've heard is been under bombardment since March second, 0:20:00.000 --> 0:20:03.840 we've been seeing uh many people without food without water, 0:20:04.080 --> 0:20:07.000 and so this is a direct humanitarian crisis as well 0:20:07.080 --> 0:20:10.800 as war. Hey can the aggressor in this case, Russia 0:20:10.880 --> 0:20:17.800 distinguished between shipments of critical supplies humanitarian aid and arms supplies. 0:20:20.160 --> 0:20:22.080 Things you need to notice start your day. Brought to 0:20:22.119 --> 0:20:26.120 you by Interactive Brokers. Interactive Brokers charges margin loan rates 0:20:26.160 --> 0:20:28.440 from zero point seven five to one point five eight 0:20:28.480 --> 0:20:31.800 percent rates subject to change. Learn more at ib kr 0:20:31.920 --> 0:20:35.160 dot com slash compare. We'll begin with the breaking news 0:20:35.200 --> 0:20:37.920 out of Asia. As we just heard from Bloomberg's Will Davies, 0:20:37.960 --> 0:20:40.879 there are reports of a commercial plane crash in China. 0:20:41.119 --> 0:20:43.639 Bloomberg's Michael bar joins US Live with the very latest. 0:20:43.640 --> 0:20:47.280 Good morning, Michael, Good morning Nathan. Chinese media reports Boeing 0:20:47.480 --> 0:20:51.960 seven thirty seven en G carrying on two people, as 0:20:52.000 --> 0:20:56.080 crashed in southwestern China. Radar tracking from flight Radar four 0:20:56.440 --> 0:20:59.719 shows that China Eastern Airlines flight took a steep descent 0:21:00.240 --> 0:21:03.480 as it was headed toward the province of Guangzhou. The 0:21:03.520 --> 0:21:06.600 New York Times says local officials saw flames and smoke 0:21:06.720 --> 0:21:10.080 rising from the hillside in the area. Chinese state televisions 0:21:10.080 --> 0:21:12.919 as a rescue team as assembled and as approaching the 0:21:12.960 --> 0:21:16.760 side live in New York. I'm Michael Barr Bloomberg Digger, Michael, 0:21:16.760 --> 0:21:19.000 thank you. We now turned to the latest developments on 0:21:19.040 --> 0:21:22.200 the war in Europe. Ukraine rejecting Russian demand that its 0:21:22.200 --> 0:21:25.679 forces lay down their arms and lead Maripol. More taunts 0:21:25.760 --> 0:21:31.120 expanded later today. Yesterday, Ukraine's President philadimir's Lensky addressed Israel's parliament, 0:21:31.560 --> 0:21:38.320 calling out hesitancy to provide military aid and join international sanctions. 0:21:39.359 --> 0:21:41.919 Could you explain why we are still appealing to the 0:21:41.960 --> 0:21:45.679 world in many countries appealing to you for help. Is 0:21:45.720 --> 0:21:50.359 it in different calculation or mediation? Without choosing side, I 0:21:50.480 --> 0:21:52.920 leave it to you to choose the answer to this question. 0:21:53.280 --> 0:21:57.240 I only note one thing that in different kills. Ukrainian 0:21:57.280 --> 0:22:01.199 President Zolensky renewing his offer to negotiate with Vladimir Putin 0:22:01.480 --> 0:22:05.240 and ape Zelinsky says Moscow has started using more destructive 0:22:05.359 --> 0:22:09.320 artillery in its attacks, but that artillery includes hypersonic missiles. 0:22:09.400 --> 0:22:12.000 John and analysts say that marks a shift in strategy, 0:22:12.040 --> 0:22:15.600 with Russia using more air power as its ground campaign stalls. 0:22:15.920 --> 0:22:18.920 Lloyd Austin is the U S Defense Secretary. I would 0:22:18.920 --> 0:22:22.520 not see it as a game changer. I think again, 0:22:22.560 --> 0:22:26.320 the reason that he's resorting to using these types of 0:22:26.359 --> 0:22:30.240 weapons is because he's trying to re establish some momentum. 0:22:30.359 --> 0:22:33.040 Secretary Defense Lloyd Austin made the comments on Face the 0:22:33.119 --> 0:22:36.520 Nation from CBS, heard Sundays on Bloomberg Radio and coming 0:22:36.600 --> 0:22:39.280 up today, President by the space with European leaders ahead 0:22:39.320 --> 0:22:41.920 of his trip to the continent this week. Senior US 0:22:42.000 --> 0:22:44.960 officials also meet with executives from ex On Mobile, JP 0:22:45.119 --> 0:22:48.400 Morgan and other firms to discuss the impact of sanctions, 0:22:48.560 --> 0:22:50.600 and traders are also looking out for a speech today 0:22:50.600 --> 0:22:53.040 from FED Chair J. Powell. He will make remarks and 0:22:53.119 --> 0:22:56.400 answer questions at an economics conference in Washington. Will bring 0:22:56.440 --> 0:22:59.680 that to you live around one pm Eastern time. And 0:22:59.720 --> 0:23:01.880