1 00:00:03,000 --> 00:00:06,520 Speaker 1: Guy from the Bloomberg Interactor Berger Studios is Bloomberg day 2 00:00:06,519 --> 00:00:11,200 Speaker 1: Break for Tuesday, February two. Coming up this hour. Stocks 3 00:00:11,320 --> 00:00:14,880 Speaker 1: jump on reports Russia's pulling back troops from Ukraine. Wall 4 00:00:14,920 --> 00:00:18,480 Speaker 1: Street braces for the latest reboard on inflation, US authorities 5 00:00:18,520 --> 00:00:21,960 Speaker 1: probe Wall Street firms over block trades, and Microsoft wants 6 00:00:22,000 --> 00:00:24,479 Speaker 1: employees back in the office by the end of the month. 7 00:00:24,640 --> 00:00:28,240 Speaker 1: New York fires over a thousand Sydney workers who refused 8 00:00:28,280 --> 00:00:31,560 Speaker 1: to get vaccinated. I'm John Sucker. The story straight ahead, 9 00:00:31,760 --> 00:00:34,280 Speaker 1: I'm John Stashower and sports another loss for the Knicks. 10 00:00:34,320 --> 00:00:36,559 Speaker 1: They fell in overtime. The Nets one to end their 11 00:00:36,640 --> 00:00:46,559 Speaker 1: long Bosom Street. That's all straight ahead on Bloomberg day 12 00:00:46,560 --> 00:00:51,520 Speaker 1: Break on Bloomberg Element TREEO New York, Bloomberg one, Washington, 13 00:00:51,640 --> 00:00:55,760 Speaker 1: d C, Bloomberg one, O six one, Boston, Bloomberg nine sixties, 14 00:00:55,760 --> 00:00:59,720 Speaker 1: San Francisco, Sirius x M one nineteen and around the 15 00:00:59,760 --> 00:01:02,560 Speaker 1: world Old on Bloomberg Radio dot Com and via The 16 00:01:02,600 --> 00:01:10,240 Speaker 1: Bloomberg Business. And Good Morning. I'm Nathan Hager and I'm 17 00:01:10,319 --> 00:01:13,680 Speaker 1: Karen Moscow and US futures are climbing on our ports 18 00:01:13,680 --> 00:01:15,959 Speaker 1: from the Ukraine border. We're coming up to five oh 19 00:01:15,959 --> 00:01:17,760 Speaker 1: one on Wall Street, and we checked the markets every 20 00:01:17,760 --> 00:01:20,760 Speaker 1: fifteen minutes throughout the trading day. On Bloomberg is in 21 00:01:20,840 --> 00:01:23,839 Speaker 1: P futures up sixty two points this morning, dal future 22 00:01:23,880 --> 00:01:26,160 Speaker 1: is up three hundred fifty six and Nasdak futures have 23 00:01:26,280 --> 00:01:30,000 Speaker 1: two hundred eight ten year treasury down nine thirty seconds, 24 00:01:30,040 --> 00:01:32,840 Speaker 1: yield two point oh two percent, yield on the two 25 00:01:32,920 --> 00:01:36,360 Speaker 1: year one point five seven percent. Nathan Karen, we begin 26 00:01:36,400 --> 00:01:39,319 Speaker 1: with the latest developments involving Russia and Ukraine. There are 27 00:01:39,360 --> 00:01:43,080 Speaker 1: reports Moscow will pull back some troops from the Ukrainian border. 28 00:01:43,319 --> 00:01:47,200 Speaker 1: That's after it says military drills are completed. Amy Morris 29 00:01:47,240 --> 00:01:51,320 Speaker 1: has the latest from our Bloomberg newsroom in Washington, the 30 00:01:51,360 --> 00:01:54,360 Speaker 1: Interfects News Service as some units will begin returning to 31 00:01:54,360 --> 00:01:58,160 Speaker 1: their permanent basis after they complete their military exercises, which 32 00:01:58,200 --> 00:02:01,640 Speaker 1: are expected to wrap up on February or Russia is 33 00:02:01,680 --> 00:02:05,400 Speaker 1: continuing its largest drills in years in Belarus, drills that 34 00:02:05,480 --> 00:02:09,160 Speaker 1: raised US and European alarm about a possible military assault 35 00:02:09,200 --> 00:02:13,080 Speaker 1: on Ukraine. The Kremlin has consistently denied it plans an attack. 36 00:02:13,520 --> 00:02:17,040 Speaker 1: This as Russian Foreign Minister Sergei Lavrov says he supports 37 00:02:17,080 --> 00:02:20,680 Speaker 1: continuing diplomatic efforts with the West in Washington, I maybe 38 00:02:20,680 --> 00:02:23,440 Speaker 1: Morris Bloomberg Daybreak, Amy, thank you, and that news is 39 00:02:23,480 --> 00:02:26,320 Speaker 1: bringing relief to Marcus this morning. There are hopes that 40 00:02:26,400 --> 00:02:30,200 Speaker 1: President landmir Putin is indeed stepping away from a conflict. 41 00:02:30,400 --> 00:02:34,000 Speaker 1: We spoke with retired Brigadier General Mark Kimmitt about the situation. 42 00:02:34,240 --> 00:02:37,720 Speaker 1: We really don't know how he can step down from this, 43 00:02:37,800 --> 00:02:39,760 Speaker 1: and I think it may well be that he's looking 44 00:02:39,800 --> 00:02:42,760 Speaker 1: for an opportunity to step down and back off. But 45 00:02:42,960 --> 00:02:45,919 Speaker 1: it's pretty volnerable at this point, no no doubt about it. 46 00:02:46,040 --> 00:02:49,600 Speaker 1: Retired Brigadier General Mark Kimmitt spoke with our Washington correspondent 47 00:02:49,680 --> 00:02:53,040 Speaker 1: Joe Matthew on Bloomberg Sound On Catch the program weekdays 48 00:02:53,080 --> 00:02:56,200 Speaker 1: at five pm Eastern on Bloomberg Radio. Okaren, we saw 49 00:02:56,200 --> 00:02:58,600 Speaker 1: a jump in equities following the developments on the border 50 00:02:58,600 --> 00:03:00,760 Speaker 1: of Ukraine. Let's get the very just on the market 51 00:03:00,800 --> 00:03:04,200 Speaker 1: action in Europe this morning live with Bloombergs Max Ramsey 52 00:03:04,200 --> 00:03:07,200 Speaker 1: in London. Good morning, Max, morning, Nathan and Karen. Yes, 53 00:03:07,240 --> 00:03:09,520 Speaker 1: we've had a real risk on move during the European 54 00:03:09,560 --> 00:03:12,880 Speaker 1: session this morning, as we've got these reports around Russian troops. 55 00:03:12,880 --> 00:03:15,720 Speaker 1: We were looking at losses ahead of the European cash 56 00:03:15,760 --> 00:03:18,720 Speaker 1: equity open, but now strong gains around two hours into 57 00:03:18,760 --> 00:03:21,200 Speaker 1: the trading day, so up one point one percent on 58 00:03:21,280 --> 00:03:24,239 Speaker 1: the stock six hundred US futures. Also following those moves 59 00:03:24,320 --> 00:03:27,520 Speaker 1: up one point three SMP five hundred mini futures. We 60 00:03:27,520 --> 00:03:30,919 Speaker 1: see Russian assets gaining and a move away from Haven's 61 00:03:31,000 --> 00:03:33,919 Speaker 1: treasuries declining this morning, up three basis points on the 62 00:03:34,000 --> 00:03:37,400 Speaker 1: US tenure yield two point two percent. There the dollar 63 00:03:37,480 --> 00:03:39,960 Speaker 1: weekends down two tenths of a percent on the Bloomberg 64 00:03:40,000 --> 00:03:43,080 Speaker 1: Dollar Spot Index, and just some losses for gold down 65 00:03:43,080 --> 00:03:46,120 Speaker 1: eight tenths of a percent one hundred and fifty six 66 00:03:46,160 --> 00:03:49,200 Speaker 1: dollars per troy. Ounced live in London, Max Ramsey, Bloomberg 67 00:03:49,280 --> 00:03:51,400 Speaker 1: day Break. All right, Max, thank you. All. The markets 68 00:03:51,400 --> 00:03:55,360 Speaker 1: have certainly been impacted by geopolitical tensions, but risk tied 69 00:03:55,400 --> 00:03:58,600 Speaker 1: to inflation and the third may not be fully priced 70 00:03:58,640 --> 00:04:01,400 Speaker 1: in yet. And that's according to Federated Global Chief Equity 71 00:04:01,480 --> 00:04:05,360 Speaker 1: strategist Phil Orlando. All this is weighing on the market 72 00:04:05,400 --> 00:04:08,200 Speaker 1: to start the new year. We felt that there would 73 00:04:08,240 --> 00:04:11,640 Speaker 1: be some risk the market the you know, drop twelve 74 00:04:11,720 --> 00:04:15,840 Speaker 1: percent or so in the first three weeks, we've bounced, 75 00:04:15,880 --> 00:04:19,680 Speaker 1: but we are bracing for another move lower in coming 76 00:04:19,680 --> 00:04:23,640 Speaker 1: weeks and months. Federated Global Chief Equity strategist Phillo Orlandos 77 00:04:23,680 --> 00:04:26,240 Speaker 1: as a drop of ten to twenty for equities as 78 00:04:26,320 --> 00:04:30,360 Speaker 1: quote probably a healthy correction. Well, oil is retreating from 79 00:04:30,400 --> 00:04:33,560 Speaker 1: its highest level since care and his trader's way, and 80 00:04:33,600 --> 00:04:36,640 Speaker 1: apparent cooling in the Ukrainian crisis. There all are also 81 00:04:36,760 --> 00:04:40,200 Speaker 1: prospects for increased supply on the horizon. Checking prices down, 82 00:04:40,240 --> 00:04:42,560 Speaker 1: dime ex screws down two point nine percent, down two 83 00:04:42,560 --> 00:04:45,400 Speaker 1: dollars seventy nine cents at ninety two sixty five cents 84 00:04:45,400 --> 00:04:47,800 Speaker 1: a barrel. Brent is lower by two point six percent 85 00:04:47,880 --> 00:04:51,400 Speaker 1: at ninety three dollars cents. Well, on the economic front, Nathan, 86 00:04:51,400 --> 00:04:54,039 Speaker 1: it's another data focus on inflation. We get the producer 87 00:04:54,080 --> 00:04:57,360 Speaker 1: price index for January this morning, and economists predicted rose 88 00:04:57,480 --> 00:05:01,120 Speaker 1: nine over in a year over year basis. We get 89 00:05:01,120 --> 00:05:05,320 Speaker 1: more from Bloomberg's viney downs. US inflation is running hot. 90 00:05:05,520 --> 00:05:08,719 Speaker 1: In December, the producer price index rose nine point seven 91 00:05:08,760 --> 00:05:11,520 Speaker 1: percent on a year over year basis, the second largest 92 00:05:11,560 --> 00:05:15,640 Speaker 1: increase in data back to There's evidence though we could 93 00:05:15,680 --> 00:05:19,599 Speaker 1: soon be in store for some moderation. Bloomberg Economics, costs 94 00:05:19,680 --> 00:05:22,640 Speaker 1: may if peaked at the intermediate level of production, and 95 00:05:22,680 --> 00:05:25,560 Speaker 1: the outlook suggests a headline number could be close to peaking. 96 00:05:25,800 --> 00:05:28,640 Speaker 1: Then he dealt Bloomberg Debris Vinny, thank you, and we'll 97 00:05:28,640 --> 00:05:31,479 Speaker 1: get more on today's PPI reports shortly when we talk 98 00:05:31,600 --> 00:05:34,920 Speaker 1: live with Morgan Stanley Chief US economist Ellen Zetner. That's 99 00:05:34,920 --> 00:05:37,799 Speaker 1: coming up at six fifteen am. Wall Street Time. Wall 100 00:05:37,800 --> 00:05:40,560 Speaker 1: Street banks are also in focus this morning. Karen, there's 101 00:05:40,560 --> 00:05:44,040 Speaker 1: word US authorities are investigating how they handled block trades. 102 00:05:44,400 --> 00:05:47,800 Speaker 1: That story from Bloomberg's Lisa Mateo Bloomberg News and learned 103 00:05:47,800 --> 00:05:51,200 Speaker 1: the inquiry is looking into how banks, including Morgan Stanley, 104 00:05:51,320 --> 00:05:54,720 Speaker 1: execute block trades with help from outside market makers. It's 105 00:05:54,760 --> 00:05:57,960 Speaker 1: part of a long running probe into stock transactions typically 106 00:05:57,960 --> 00:06:00,839 Speaker 1: big enough to move markets. The Wall Street Journal says 107 00:06:00,880 --> 00:06:05,080 Speaker 1: Goldman Sachs also has received request for documents. That doesn't, however, 108 00:06:05,120 --> 00:06:08,520 Speaker 1: mean charges will follow. Neither the government, Morgan Stanley or 109 00:06:08,600 --> 00:06:12,159 Speaker 1: Goldman Sachs are commenting in New York at Lisa Mateo 110 00:06:12,279 --> 00:06:15,520 Speaker 1: Bloomberg Daybreak, Lisa, thank you. We have a takeover in 111 00:06:15,560 --> 00:06:19,280 Speaker 1: the chip industry this morning, Intel is buying Power Semiconductor 112 00:06:19,360 --> 00:06:21,680 Speaker 1: for five point four billion dollars. It's part of the 113 00:06:21,720 --> 00:06:25,839 Speaker 1: company's push into the outsource chip manufacturing business. Tower is 114 00:06:25,839 --> 00:06:28,160 Speaker 1: based in Israel, and Intel is that more than one 115 00:06:28,200 --> 00:06:31,159 Speaker 1: percent in early trading. Another big tech companies in the 116 00:06:31,160 --> 00:06:33,560 Speaker 1: news this morning, Careen, this time on policies tide to 117 00:06:33,560 --> 00:06:36,480 Speaker 1: the pandemic. Microsoft is telling its US employees to begin 118 00:06:36,560 --> 00:06:40,920 Speaker 1: returning to their offices starting February. Bloomberg's Charlie Pellett has 119 00:06:40,920 --> 00:06:43,640 Speaker 1: that story. It marks a fresh attempt to get the 120 00:06:43,680 --> 00:06:48,120 Speaker 1: software makers operations back to normal as COVID nineteen cases abait. 121 00:06:48,560 --> 00:06:52,080 Speaker 1: The company says, unless they have a special arrangement, workers 122 00:06:52,120 --> 00:06:55,520 Speaker 1: should begin a thirty day transition period to get back 123 00:06:55,560 --> 00:06:59,200 Speaker 1: to the office. Microsoft and other tech giants have struggled 124 00:06:59,240 --> 00:07:01,800 Speaker 1: with how soon to get employees back in the office. 125 00:07:02,080 --> 00:07:06,440 Speaker 1: On previous deadlines were pushed back in September. Microsoft scrapped 126 00:07:06,440 --> 00:07:09,720 Speaker 1: a goal of reopening on October four because the COVID 127 00:07:09,800 --> 00:07:13,520 Speaker 1: nineteen delta variant was raging in New York. Charlie Pellet 128 00:07:13,560 --> 00:07:16,920 Speaker 1: Bloomberg Daybreak, All right, Charlie, thank you. Next your latest 129 00:07:16,960 --> 00:07:19,880 Speaker 1: local headlines in the check of Sports. This is Bloomberg. 130 00:07:24,120 --> 00:07:25,920 Speaker 1: It's now five oh seven on Wall Street. We're as 131 00:07:25,960 --> 00:07:28,160 Speaker 1: seventeen degrees in Central Park. I have an accident on 132 00:07:28,200 --> 00:07:31,320 Speaker 1: the southbound FDR Drive by fourteenth Street. Tails coming up 133 00:07:31,320 --> 00:07:33,680 Speaker 1: in traffic. First. John Tucker's here with more on what's 134 00:07:33,680 --> 00:07:35,560 Speaker 1: going on in New York and around the world the Morning, 135 00:07:35,640 --> 00:07:39,680 Speaker 1: John and Nathan. New York City has fired unvaccinated workers 136 00:07:39,760 --> 00:07:43,840 Speaker 1: following a deadline. The story this morning from Bloomberg's Jeff Bellinger. 137 00:07:44,400 --> 00:07:47,280 Speaker 1: More than fourteen hundred public sector workers in New York 138 00:07:47,320 --> 00:07:50,600 Speaker 1: City were fired over their refusal to get vaccinated before 139 00:07:50,640 --> 00:07:54,920 Speaker 1: the city's mandated February eleventh deadline. Most were Department of 140 00:07:55,040 --> 00:07:58,880 Speaker 1: Education employees. The terminations make up less than one percent 141 00:07:59,000 --> 00:08:02,840 Speaker 1: of the city's three hundred seventy thousand member workforce. About 142 00:08:02,920 --> 00:08:06,040 Speaker 1: half of the three thousand employees originally at risk for 143 00:08:06,160 --> 00:08:10,160 Speaker 1: being fired decided to get vaccinated before the deadline. Mayor 144 00:08:10,360 --> 00:08:14,840 Speaker 1: Eric Adams characterized the employee's termination as quitting, saying they're 145 00:08:14,960 --> 00:08:18,040 Speaker 1: choosing to leave their jobs by not following the rules. 146 00:08:18,440 --> 00:08:22,480 Speaker 1: Jeff Bellinger Bloomberg. De high speed amtrack train headed from 147 00:08:22,480 --> 00:08:25,920 Speaker 1: Boston to Washington with more than one hundred passengers, lost 148 00:08:25,920 --> 00:08:29,000 Speaker 1: power got stuck in New York City for almost seven hours. 149 00:08:29,360 --> 00:08:32,560 Speaker 1: The Asselic train left Boston on time yesterday morning, but 150 00:08:32,640 --> 00:08:34,960 Speaker 1: it got stuck at the Hunter's Point neighborhood of Queens. 151 00:08:35,240 --> 00:08:38,720 Speaker 1: The train was moving again as of three twenty yesterday afternoon, 152 00:08:38,960 --> 00:08:41,360 Speaker 1: after a rescue engine arrived to move it into the 153 00:08:41,440 --> 00:08:45,599 Speaker 1: Monahan station in Manhattan. The Trump organization's accounting firms is 154 00:08:45,640 --> 00:08:48,840 Speaker 1: a decade of financial statements for Donald Trump can't be 155 00:08:48,920 --> 00:08:52,040 Speaker 1: relied upon the firm. Masers also says it won't do 156 00:08:52,080 --> 00:08:55,160 Speaker 1: any new work for the company. Declaration buy an accounting 157 00:08:55,160 --> 00:08:57,720 Speaker 1: firm that is dropping a climate backing away from prior 158 00:08:57,760 --> 00:09:01,320 Speaker 1: financial statements is historically a red flag that the company's 159 00:09:01,320 --> 00:09:04,760 Speaker 1: financial condition is not what it appears on. New York's 160 00:09:04,760 --> 00:09:08,080 Speaker 1: Attorney General is investigating what she says was a pattern 161 00:09:08,120 --> 00:09:12,480 Speaker 1: of potential fraud involving the manipulation of valuations of key 162 00:09:12,559 --> 00:09:15,679 Speaker 1: Trump properties. A fellow John says he'll throw out a 163 00:09:15,760 --> 00:09:19,640 Speaker 1: defamation suit filed by former Alaska Governor Sarah Palin against 164 00:09:19,640 --> 00:09:22,960 Speaker 1: The New York Times even as jurors continue to deliberate 165 00:09:22,960 --> 00:09:26,120 Speaker 1: the case. The Manhattan judge has that Palin failed to 166 00:09:26,200 --> 00:09:29,920 Speaker 1: present enough evidence. If the jury rules in favor of Palin, 167 00:09:30,240 --> 00:09:32,520 Speaker 1: it would then be up to the Federal Appeals Court 168 00:09:32,559 --> 00:09:35,600 Speaker 1: in Manhattan to choose between the two outcomes, and the 169 00:09:35,640 --> 00:09:39,600 Speaker 1: European Union's top diplomat says he strongly believes a nuclear 170 00:09:39,679 --> 00:09:43,559 Speaker 1: court with Iran is the insight. An agreement would allow 171 00:09:43,640 --> 00:09:46,880 Speaker 1: Ran to return to global oil markets in exchange for 172 00:09:47,000 --> 00:09:51,920 Speaker 1: rolling back significant advancements in its nuclear activity. Global News 173 00:09:51,960 --> 00:09:54,720 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 174 00:09:55,120 --> 00:09:58,320 Speaker 1: powered by more than seven hundred journalists and analysts in 175 00:09:58,400 --> 00:10:01,480 Speaker 1: more than one hundred twenty country I'm John Sucker. This 176 00:10:01,559 --> 00:10:08,560 Speaker 1: is Bloomberg, Nathan. Thank you John. Almost five ten on 177 00:10:08,640 --> 00:10:10,600 Speaker 1: All Street time for the Bloomberg Sports Up. Daked morney 178 00:10:10,640 --> 00:10:12,760 Speaker 1: John Stens shown all right, good morning, Nathan. Nick's back 179 00:10:12,800 --> 00:10:15,280 Speaker 1: home from a one in four road trip. They blew leads, 180 00:10:15,320 --> 00:10:16,640 Speaker 1: and three of them, and two of those three their 181 00:10:16,720 --> 00:10:18,679 Speaker 1: leaves were more than twenty points. At the garden. They 182 00:10:18,679 --> 00:10:21,200 Speaker 1: were up eleven on Oklahoma City, the team That's not 183 00:10:21,320 --> 00:10:23,959 Speaker 1: very good when healthy and the thunder were without their 184 00:10:24,000 --> 00:10:26,920 Speaker 1: top two scores, but sure enough, okay See came back 185 00:10:26,920 --> 00:10:30,679 Speaker 1: in one seven, one three and overtime. Two rookies led 186 00:10:30,720 --> 00:10:33,560 Speaker 1: the way. Nineteen year old Josh Giddy had twenty eight 187 00:10:33,559 --> 00:10:36,360 Speaker 1: points in a triple double. Trade Man scored thirty. Julius 188 00:10:36,440 --> 00:10:38,880 Speaker 1: Randall had thirty and had a triple double for the Knicks, 189 00:10:38,880 --> 00:10:41,360 Speaker 1: who have now lost nine of their last eleven. Then 190 00:10:41,440 --> 00:10:43,920 Speaker 1: Nets had lost all of their last eleven. The skid 191 00:10:44,080 --> 00:10:47,199 Speaker 1: is over one oh nine eighty five over Sacramento at 192 00:10:47,200 --> 00:10:49,320 Speaker 1: the Barkley Center. Vince s Been Simmons just acquired from 193 00:10:49,320 --> 00:10:51,880 Speaker 1: Philadelphia with the Nets. He hasn't played in Nick games 194 00:10:51,880 --> 00:10:54,440 Speaker 1: since last summer. Nets coach Steve Nash on when his 195 00:10:54,480 --> 00:10:57,160 Speaker 1: new point guard will make his Brooklyn debut in the 196 00:10:57,160 --> 00:10:59,880 Speaker 1: performance scene, you know they're gonna want to un assessmated 197 00:10:59,880 --> 00:11:02,199 Speaker 1: and return to play and ramp up and all that. 198 00:11:02,360 --> 00:11:06,719 Speaker 1: You know, it's been a long period of non NBA activity. 199 00:11:06,840 --> 00:11:09,760 Speaker 1: So we'll see how they are, how they put his 200 00:11:09,840 --> 00:11:12,040 Speaker 1: program together and how long if the next visit the 201 00:11:12,080 --> 00:11:14,760 Speaker 1: Knicks Tomorrow Night Rangers us the Browins to Night's Rangers, 202 00:11:14,760 --> 00:11:17,480 Speaker 1: first game of two weeks. The ex Matt Picture Matt 203 00:11:17,520 --> 00:11:19,640 Speaker 1: Harvey will be on a witness stand today. A former 204 00:11:19,640 --> 00:11:23,160 Speaker 1: employee the Los Angeles Angels is on trial for contributing 205 00:11:23,480 --> 00:11:26,640 Speaker 1: to Angels picture Tyler Skaggs dying of a drug overdose 206 00:11:26,720 --> 00:11:29,920 Speaker 1: that was earlier testimony that Harvy was involved. Novak Djokovic's 207 00:11:29,960 --> 00:11:33,240 Speaker 1: first interview since the Australian Open deportation to do to 208 00:11:33,360 --> 00:11:36,280 Speaker 1: not being vaccinated until the BBC understands the severity of 209 00:11:36,280 --> 00:11:39,320 Speaker 1: the pandemic, but said the principles of decision making about 210 00:11:39,440 --> 00:11:41,800 Speaker 1: is a body more important than when he titled. Djokovic 211 00:11:42,040 --> 00:11:44,560 Speaker 1: expected to play next month's tournament in California, but the 212 00:11:44,559 --> 00:11:47,640 Speaker 1: French Open also has a vaccine mandate. John stash Award, 213 00:11:47,640 --> 00:11:50,760 Speaker 1: Bloomberg Sports, Nathan all Right, John, thank you, SMP. Futures 214 00:11:50,760 --> 00:11:52,920 Speaker 1: of fifty two points down to a features have tune 215 00:11:52,920 --> 00:11:55,280 Speaker 1: to eighty seven. Nest that futures are hired by twounor 216 00:11:55,400 --> 00:11:57,800 Speaker 1: forty four points. That's the game of one point seven 217 00:11:57,840 --> 00:12:01,240 Speaker 1: percent ten your treasury down tender second zeal two point 218 00:12:01,320 --> 00:12:09,160 Speaker 1: zero two percent. This is Bloomberg Blomberg eleven three oh weather, sunshine, 219 00:12:09,160 --> 00:12:12,160 Speaker 1: low thirties today, will be the upper forties by tomorrow 220 00:12:12,160 --> 00:12:15,360 Speaker 1: with a breeze, some afternoon showers possible by Thursday, when 221 00:12:15,360 --> 00:12:19,240 Speaker 1: we could hit sixty Right now at seventeen degrees in 222 00:12:19,280 --> 00:12:25,800 Speaker 1: Central Park markets. Headlines and breaking news twenty four hours 223 00:12:25,800 --> 00:12:29,000 Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Outland 224 00:12:29,120 --> 00:12:38,199 Speaker 1: at Bloomberg Quick Tape, this is a Bloomberg Business flash 225 00:12:38,760 --> 00:12:41,880 Speaker 1: and I'm fair. In Moscow, stocks are rising US stock 226 00:12:41,920 --> 00:12:45,720 Speaker 1: index futures or jumping amid optimism that geo political tensions 227 00:12:45,720 --> 00:12:48,360 Speaker 1: are easing. We checked the markets every fifteen minutes throughout 228 00:12:48,360 --> 00:12:50,760 Speaker 1: the trading day on Bloomberg Right Now, S and P 229 00:12:50,960 --> 00:12:54,880 Speaker 1: futures of fifty six points down, futures up three hundred fourteen, 230 00:12:55,320 --> 00:12:59,040 Speaker 1: Nasdaq futures up two hundred fifty nine or one eight 231 00:12:59,080 --> 00:13:02,120 Speaker 1: per cent decks in Germany's at one point three percent, 232 00:13:02,160 --> 00:13:04,880 Speaker 1: The ten year treasury down twelve thirty seconds yield two 233 00:13:04,920 --> 00:13:07,199 Speaker 1: point two percent. They yield on the two year one 234 00:13:07,240 --> 00:13:10,160 Speaker 1: point five eight per cent. N X Screwed oil is 235 00:13:10,200 --> 00:13:12,880 Speaker 1: down almost three percent, down two dollars eighty three cents 236 00:13:13,080 --> 00:13:15,439 Speaker 1: and ninety two dollars sixty three cents a barrel. Co 237 00:13:15,640 --> 00:13:18,280 Speaker 1: makes gold down seven ten percent or thirteen dollars twenty 238 00:13:18,320 --> 00:13:21,600 Speaker 1: cents at eighteen fifty six thirty announced the euro one 239 00:13:21,640 --> 00:13:24,040 Speaker 1: point one three five two against the dollar, British found 240 00:13:24,080 --> 00:13:26,640 Speaker 1: one point three five five five the ends at one 241 00:13:26,679 --> 00:13:30,679 Speaker 1: fifteen point five eight and Bitcoin this morning it's moving 242 00:13:30,760 --> 00:13:34,120 Speaker 1: higher at forty four thousand, one ten dollars. Today we 243 00:13:34,120 --> 00:13:36,480 Speaker 1: get another look at inflation with the Producer Price Index 244 00:13:36,559 --> 00:13:39,080 Speaker 1: at eight thirty Wall Street Time. We're also looking for 245 00:13:39,160 --> 00:13:43,080 Speaker 1: a report and Empire manufacturing. That's a Bloomberg Business Flash. 246 00:13:43,120 --> 00:13:45,800 Speaker 1: Now here's John Tucker with Moore on what's going on 247 00:13:45,840 --> 00:13:49,240 Speaker 1: around the world. John, Good Morning. Karen Rush's Defense Ministry 248 00:13:49,320 --> 00:13:52,800 Speaker 1: says some troops would return to their bases after completing 249 00:13:52,880 --> 00:13:56,280 Speaker 1: drills near the border with u Prayne Elon Vos gifted 250 00:13:56,320 --> 00:13:59,240 Speaker 1: almost six billion dollars worth of Tesla stock to charity 251 00:13:59,520 --> 00:14:02,920 Speaker 1: and one of the largest philanthropic donations in history, and 252 00:14:03,000 --> 00:14:06,880 Speaker 1: demonstrators against vaccine mandates halted traffic at two major border 253 00:14:06,920 --> 00:14:10,080 Speaker 1: crossings in Western Canada, even as the Prime Minister had 254 00:14:10,120 --> 00:14:14,319 Speaker 1: voked emergency powers to end Blancades. Sports the Nets and 255 00:14:14,360 --> 00:14:17,600 Speaker 1: Wizards win, the Knicks and Warriors lose, and on the 256 00:14:17,600 --> 00:14:20,640 Speaker 1: ice of the Sharks fall to the oilers. Global News 257 00:14:20,640 --> 00:14:22,640 Speaker 1: twenty four hours a day on the arena on Bloomberg 258 00:14:22,720 --> 00:14:25,760 Speaker 1: Quick Day Power by more than twenty seven hunter, journalists 259 00:14:25,760 --> 00:14:28,560 Speaker 1: and analysts and more than one hundred twenty countries on 260 00:14:28,680 --> 00:14:31,520 Speaker 1: John Tuccer, this is Bloomberg. Nathan all right, John, thank you. 261 00:14:31,560 --> 00:14:34,000 Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg 262 00:14:34,000 --> 00:14:37,800 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak and Rosalind Matheson 263 00:14:37,880 --> 00:14:40,840 Speaker 1: is with us now, Bloomberg's executive editor for International Government, 264 00:14:41,040 --> 00:14:43,920 Speaker 1: as we track these fast moving headlines on the situation 265 00:14:43,960 --> 00:14:47,640 Speaker 1: with Ukraine. Rose Good morning. Seeing a pretty strong market reaction, 266 00:14:47,720 --> 00:14:50,600 Speaker 1: certainly to these reports out of Russia's Interfacts news service 267 00:14:50,920 --> 00:14:54,680 Speaker 1: that Russia could pull some troops back after drills are completed. 268 00:14:54,720 --> 00:14:57,720 Speaker 1: What's the latest that we know? Well, as you say, 269 00:14:57,800 --> 00:15:00,440 Speaker 1: they've been headlines this morning where Russia is saying it 270 00:15:00,520 --> 00:15:03,680 Speaker 1: plans to pull back some troops um from its southern 271 00:15:03,680 --> 00:15:08,320 Speaker 1: and Western units, which are really based mostly near eastern Ukraine, 272 00:15:08,680 --> 00:15:11,360 Speaker 1: back to their bases. And on top of the headlines 273 00:15:11,480 --> 00:15:14,560 Speaker 1: yesterday from the Russian Foreign ministers saying that he believes 274 00:15:14,560 --> 00:15:18,880 Speaker 1: that dialogue should continue. Markets are certainly interpreting those things 275 00:15:18,880 --> 00:15:22,160 Speaker 1: as an indication that perhaps tensions could start to diffuse 276 00:15:22,560 --> 00:15:25,760 Speaker 1: with Russia over Ukraine. But there are several grounds for 277 00:15:25,840 --> 00:15:28,280 Speaker 1: caution there one is we don't know how many troops 278 00:15:28,600 --> 00:15:32,080 Speaker 1: might be pulled back from the border area or how quickly. 279 00:15:32,440 --> 00:15:34,520 Speaker 1: There are huge numbers mass there on a lot of 280 00:15:34,520 --> 00:15:37,840 Speaker 1: military equipment, So if they take five to ten thousand 281 00:15:37,840 --> 00:15:40,200 Speaker 1: troops back from that area, that still leaves a very 282 00:15:40,240 --> 00:15:43,880 Speaker 1: significant military presence in the region. It's unclear also if 283 00:15:43,880 --> 00:15:46,360 Speaker 1: they would come back from the border area simply to 284 00:15:46,400 --> 00:15:49,120 Speaker 1: their forward bases, which are pretty close still to the 285 00:15:49,200 --> 00:15:53,040 Speaker 1: Ukrainian border, and how swiftly that might occur. So even 286 00:15:53,080 --> 00:15:56,320 Speaker 1: if there are some initial science here perhaps pointing towards 287 00:15:56,680 --> 00:15:59,840 Speaker 1: a de escalation that might begin, it's very early days 288 00:15:59,840 --> 00:16:01,960 Speaker 1: on that front and far too soon to say that. 289 00:16:02,040 --> 00:16:05,240 Speaker 1: Things are definitely diffusing for sure. And to that point, 290 00:16:05,280 --> 00:16:08,600 Speaker 1: we still have these massive military drills going on between 291 00:16:08,800 --> 00:16:12,720 Speaker 1: Russia and Belarus to the west of Ukraine. What's the 292 00:16:12,800 --> 00:16:15,840 Speaker 1: latest there. I think we've heard from the Russian Defense 293 00:16:15,920 --> 00:16:19,520 Speaker 1: Minister that some of those troops could be ending drills 294 00:16:19,600 --> 00:16:23,200 Speaker 1: sooner than expected as well. Well, that's right, those drills 295 00:16:23,200 --> 00:16:25,840 Speaker 1: are set to run through to February twenty and they're 296 00:16:25,960 --> 00:16:29,680 Speaker 1: very large scale drills that are occurring inside Bielarus with 297 00:16:29,720 --> 00:16:32,800 Speaker 1: the military there. Russia has said that those drills are 298 00:16:32,800 --> 00:16:35,440 Speaker 1: happening in a staggered fashion, which means that across this 299 00:16:35,520 --> 00:16:38,440 Speaker 1: week three to February twenty as when some of those 300 00:16:38,440 --> 00:16:41,840 Speaker 1: exercises wrap up, some of those troops may also start 301 00:16:41,880 --> 00:16:44,400 Speaker 1: to pull back. At this stage, what we're hearing is 302 00:16:44,440 --> 00:16:49,000 Speaker 1: that there's no evidence from Western countries that that pullback 303 00:16:49,120 --> 00:16:51,920 Speaker 1: is actually starting to occur. Um. It may start to 304 00:16:51,960 --> 00:16:54,640 Speaker 1: show up, perhaps later in the week, but it's still 305 00:16:54,760 --> 00:16:57,760 Speaker 1: very early days in terms of saying for sure again 306 00:16:58,120 --> 00:17:00,160 Speaker 1: that things are very much on a downward path here 307 00:17:00,160 --> 00:17:03,240 Speaker 1: in terms of de escalating, and just the last couple 308 00:17:03,280 --> 00:17:06,119 Speaker 1: of days, even weeks, who've been hearing from the White 309 00:17:06,160 --> 00:17:09,399 Speaker 1: House the Biden administration that a Russia's in the window 310 00:17:09,440 --> 00:17:12,199 Speaker 1: where it could invade Ukraine at any time. There was 311 00:17:12,240 --> 00:17:14,679 Speaker 1: even talk that it could happen as soon as tomorrow, 312 00:17:14,720 --> 00:17:17,639 Speaker 1: as we heard alluded to sort of sardonically by the 313 00:17:17,720 --> 00:17:21,840 Speaker 1: Ukrainian President Zelinsky yesterday. Are we seeing kind of a 314 00:17:21,920 --> 00:17:25,199 Speaker 1: disconnect here between what U. S Intelligence is telling the 315 00:17:25,200 --> 00:17:30,280 Speaker 1: White House and what we're hearing and seeing from Russia. Well, 316 00:17:30,320 --> 00:17:32,439 Speaker 1: that's right. What we're seeing is quite a lot of 317 00:17:32,480 --> 00:17:37,560 Speaker 1: publicity from the US citing its intelligence sources as pointing 318 00:17:38,000 --> 00:17:42,440 Speaker 1: to certain scenarios, saying plans they say have been drawn up, 319 00:17:42,480 --> 00:17:44,840 Speaker 1: but also cautioning that they do not know the final 320 00:17:44,880 --> 00:17:48,840 Speaker 1: intentions of the Russian president, saying these plans indicate one thing, 321 00:17:48,840 --> 00:17:52,240 Speaker 1: but what he actually intends to do is another question entirely. 322 00:17:52,720 --> 00:17:56,320 Speaker 1: And the US is arguing that they're publicizing that information 323 00:17:56,400 --> 00:17:59,520 Speaker 1: to try and deter the Russian president in various ways, 324 00:17:59,480 --> 00:18:04,800 Speaker 1: accusations of potential false flag operations inside Ukraine, a possible 325 00:18:04,800 --> 00:18:09,560 Speaker 1: incursion of full invasions, saying they're publicizing that deliberately toward him. Off. 326 00:18:10,080 --> 00:18:12,359 Speaker 1: What we're seeing though, is that other countries like Germany 327 00:18:12,359 --> 00:18:15,320 Speaker 1: and France and Ukraine itself being a bit more cautious, 328 00:18:15,359 --> 00:18:17,560 Speaker 1: saying that they don't see the risk of invasion as 329 00:18:17,600 --> 00:18:20,960 Speaker 1: being as elevated as the US um So something a 330 00:18:20,960 --> 00:18:23,439 Speaker 1: bit of a disconnect going on there. And as we 331 00:18:23,480 --> 00:18:27,080 Speaker 1: watched these headlines continued across the Bloomberg terminal, were awaiting 332 00:18:27,600 --> 00:18:31,480 Speaker 1: meeting today between German Chancellor all Off Schultz and the 333 00:18:31,560 --> 00:18:35,399 Speaker 1: Russian President Vladimir Putin. What are the expectations going in there? 334 00:18:36,040 --> 00:18:39,320 Speaker 1: There's been a lot of question about just how strongly 335 00:18:39,440 --> 00:18:42,400 Speaker 1: Germany is aligned with the rest of the West when 336 00:18:42,400 --> 00:18:46,040 Speaker 1: it comes to sanctions. It'll be interesting to see if 337 00:18:46,080 --> 00:18:48,720 Speaker 1: if the German Chancellor, he's still pretty new in his job, 338 00:18:49,080 --> 00:18:51,719 Speaker 1: brings any sort of message. Perhaps because he was in 339 00:18:52,119 --> 00:18:56,119 Speaker 1: Ukraine yesterday meeting with President Zelinski. He hasn't spent a 340 00:18:56,119 --> 00:18:58,520 Speaker 1: lot of time with the Russian president so far. Of course, 341 00:18:58,600 --> 00:19:02,320 Speaker 1: his predecessor, Angelomerk new Vitamin puttin very well. They had 342 00:19:02,359 --> 00:19:05,280 Speaker 1: a bit of a rapport and understanding going over many 343 00:19:05,359 --> 00:19:08,840 Speaker 1: years of being in office. Uh. And so it's a 344 00:19:08,840 --> 00:19:12,000 Speaker 1: bit untested for all that shoults as a result, and 345 00:19:12,000 --> 00:19:16,119 Speaker 1: there are those questions over Germany's commitment to Ukraine. But 346 00:19:16,240 --> 00:19:18,800 Speaker 1: certainly will be interesting more in a way to see 347 00:19:18,840 --> 00:19:22,600 Speaker 1: what said publicly after they meet between the Russian president, 348 00:19:22,640 --> 00:19:25,080 Speaker 1: if he backs up the comments from earlier this morning 349 00:19:25,080 --> 00:19:27,720 Speaker 1: about a pullback starting to happen. That's really the key 350 00:19:27,760 --> 00:19:29,760 Speaker 1: thing to look for when they step up to have 351 00:19:29,760 --> 00:19:32,520 Speaker 1: a public briefing later. All right, Rosalind Mathis and our 352 00:19:32,600 --> 00:19:36,200 Speaker 1: International Government executive editor for Bloomberg News, will be checking 353 00:19:36,240 --> 00:19:39,159 Speaker 1: back with you throughout the morning as we continue to 354 00:19:39,160 --> 00:19:41,560 Speaker 1: watch the headlines cross when it comes to what's happening 355 00:19:41,960 --> 00:19:45,119 Speaker 1: between Russia and Ukraine, including a red headline that just 356 00:19:45,200 --> 00:19:47,920 Speaker 1: across the Bloomberg terminal now the Russian doom of votes 357 00:19:47,960 --> 00:19:52,080 Speaker 1: to ask President Putin to recognize Ukraine separatists. Will see 358 00:19:52,119 --> 00:19:56,080 Speaker 1: what if any market reaction springs from that headline. In 359 00:19:56,080 --> 00:20:00,080 Speaker 1: the meantime, we do see risk on for equities. Some 360 00:20:00,160 --> 00:20:03,439 Speaker 1: Pea futures up forty seven points right now. This is 361 00:20:03,480 --> 00:20:09,560 Speaker 1: Bloomberg Bloomberg eleven three oh weather sunny today, but highs 362 00:20:09,600 --> 00:20:11,600 Speaker 1: only in the low thirties. Will be the upper forties 363 00:20:11,640 --> 00:20:15,840 Speaker 1: by tomorrow with breezy conditions. Showers to Thursday afternoon possible 364 00:20:15,840 --> 00:20:19,040 Speaker 1: with a high near sixty. Right now, it's only seventeen degrees. 365 00:20:22,680 --> 00:20:27,240 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York. 366 00:20:27,320 --> 00:20:32,040 Speaker 1: Bloomberg E Living Freedom to Washington, d C. Bloomberg to Boston, 367 00:20:32,119 --> 00:20:35,359 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg N 368 00:20:35,600 --> 00:20:38,840 Speaker 1: sixty to the Country, Sirius XM too one ninet and 369 00:20:38,920 --> 00:20:42,320 Speaker 1: around the bloom the Bloomberg Business app and Bloomberg Radio 370 00:20:42,400 --> 00:20:51,760 Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on 371 00:20:51,800 --> 00:20:54,760 Speaker 1: Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow. 372 00:20:54,880 --> 00:20:57,240 Speaker 1: We're just about four hours away from the open of 373 00:20:57,359 --> 00:20:59,080 Speaker 1: US trading. Let's get you up to date in the 374 00:20:59,080 --> 00:21:01,760 Speaker 1: news you need to know this hour. Global staffs are 375 00:21:01,920 --> 00:21:05,440 Speaker 1: rising after a force at Russia's pulling back troops from Ukraine. 376 00:21:05,640 --> 00:21:09,359 Speaker 1: According to local media, Russia's defense ministry said some units 377 00:21:09,359 --> 00:21:12,199 Speaker 1: will return to their basis after completing drills in the region. 378 00:21:12,520 --> 00:21:15,240 Speaker 1: That's led to a relief rally on Wall Street. Walking 379 00:21:15,320 --> 00:21:19,119 Speaker 1: Clement is head of investment Strategy at Liberium Capital. The 380 00:21:19,200 --> 00:21:22,920 Speaker 1: market is launching what looks like a classic relief rally 381 00:21:23,040 --> 00:21:27,240 Speaker 1: this morning. It's basically based rally by now, with energy 382 00:21:27,280 --> 00:21:32,440 Speaker 1: sector the least beneficial of this. Given the declining oil prices, 383 00:21:32,440 --> 00:21:35,840 Speaker 1: Walking Clement at Liberium Capital says crude is coming off 384 00:21:35,840 --> 00:21:38,920 Speaker 1: an eight year high this morning and checking prices now 385 00:21:39,040 --> 00:21:42,160 Speaker 1: nimex scrude oil is down two point nine percent. It's 386 00:21:42,200 --> 00:21:44,960 Speaker 1: at ninety seventy four cents of barrel and brent is 387 00:21:44,960 --> 00:21:48,080 Speaker 1: it ninety four dollars. And the markets certainly have been 388 00:21:48,119 --> 00:21:51,000 Speaker 1: affected by geopolitical tensions, Karen, but there are other factors 389 00:21:51,040 --> 00:21:53,720 Speaker 1: that aren't fully priced in yet. According to Federated Global 390 00:21:53,760 --> 00:21:57,280 Speaker 1: Chief Equity strategist Phil Orlando, I think playing defense is 391 00:21:57,720 --> 00:22:02,120 Speaker 1: absolutely word one right here to use the football analogy, 392 00:22:02,160 --> 00:22:05,040 Speaker 1: and this stop just geopolitical risk. You've got de spike 393 00:22:05,080 --> 00:22:10,119 Speaker 1: in inflation UH to forty year highs. We're bracing for 394 00:22:10,200 --> 00:22:15,200 Speaker 1: a significant hawk ish change in federal reserve policy. Federated 395 00:22:15,240 --> 00:22:17,800 Speaker 1: Global's Fill Orlando says a drop of ten or twenty 396 00:22:17,840 --> 00:22:21,240 Speaker 1: percent for equities is quote probably a healthy correction. Well, 397 00:22:21,280 --> 00:22:24,399 Speaker 1: speaking of inflation concerns, Nathan, we get another reading on 398 00:22:24,560 --> 00:22:28,640 Speaker 1: US prices this morning. Economist forecast January's producer price index 399 00:22:28,880 --> 00:22:30,920 Speaker 1: rose nine point one percent on a year of a 400 00:22:31,000 --> 00:22:33,600 Speaker 1: year basis. That data is out at eight thirty am 401 00:22:33,600 --> 00:22:35,919 Speaker 1: Wall Street time on the M and A front this morning, 402 00:22:35,920 --> 00:22:38,880 Speaker 1: Intel has agreed to acquire Tower Semiconductor for about five 403 00:22:38,920 --> 00:22:41,560 Speaker 1: point four billion dollars. It's part of the company's pushing 404 00:22:41,600 --> 00:22:44,680 Speaker 1: to the outsourced chip manufacturing business. Intel is up one 405 00:22:44,720 --> 00:22:47,800 Speaker 1: percent in early trading, and Wall Street banks are also 406 00:22:47,880 --> 00:22:50,720 Speaker 1: in the spotlight. There's word that U S authorities are 407 00:22:50,760 --> 00:22:54,840 Speaker 1: scrutinizing how Morgan Stanley and other big banks handle block trays. 408 00:22:55,080 --> 00:22:57,520 Speaker 1: Bloomberg News has learned it's part of a long running 409 00:22:57,560 --> 00:23:01,400 Speaker 1: probe into stock transactions typically big enough to move markets. 410 00:23:01,640 --> 00:23:05,920 Speaker 1: Neither the government nor Morgan Stanley are commenting. SMP futures 411 00:23:05,960 --> 00:23:08,960 Speaker 1: are jumping up fifty four points this morning, Down futures 412 00:23:09,000 --> 00:23:12,359 Speaker 1: up three hundred, Nasdaq futures up two hundred, fifty six. 413 00:23:12,600 --> 00:23:15,640 Speaker 1: Ten year Treasury down twelve thirty seconds, the yield two 414 00:23:15,720 --> 00:23:18,240 Speaker 1: point oh three percent, and the yield on the two 415 00:23:18,320 --> 00:23:21,760 Speaker 1: year one point five eight percent. NIMEX screwed oil again, 416 00:23:21,800 --> 00:23:24,240 Speaker 1: down two point eight percent, and ninety two dollars seventy 417 00:23:24,280 --> 00:23:27,320 Speaker 1: six cents of barrel and bitcoin this morning at forty 418 00:23:27,400 --> 00:23:30,840 Speaker 1: four thousand, two hundred dollars. Straight ahead, your latest local headlines, 419 00:23:30,920 --> 00:23:39,359 Speaker 1: plus a check of sports, and this is Bloomberg, all right, Karen, 420 00:23:39,359 --> 00:23:42,560 Speaker 1: thanks thirty three on Wall Street, seventeen degrees in Central Park, 421 00:23:42,680 --> 00:23:45,560 Speaker 1: Route tens closed at powder Mill Road in parseventy for 422 00:23:45,600 --> 00:23:48,120 Speaker 1: accident clean up. The tails coming up in traffic. First. 423 00:23:48,200 --> 00:23:50,159 Speaker 1: John Tucker's here with more on what's going on in 424 00:23:50,160 --> 00:23:52,720 Speaker 1: New York and around the world. John Nathan, the Trump 425 00:23:52,840 --> 00:23:56,520 Speaker 1: organization's accounting firm says it will no longer stand up 426 00:23:56,600 --> 00:24:00,320 Speaker 1: the financial statements for Donald Trump. The story from bull Ords. 427 00:24:00,400 --> 00:24:04,400 Speaker 1: Kaylee lyons the firm Maser says a decade of financial 428 00:24:04,440 --> 00:24:07,320 Speaker 1: statements for Donald Trump can't be relied upon and that 429 00:24:07,359 --> 00:24:09,560 Speaker 1: it won't do any new work for the company. A 430 00:24:09,640 --> 00:24:12,280 Speaker 1: declaration by an accounting firm that it is dropping a 431 00:24:12,359 --> 00:24:15,679 Speaker 1: client and backing away from prior financial statements is historically 432 00:24:15,680 --> 00:24:18,760 Speaker 1: a red flag for investors, lenders, or other parties that 433 00:24:18,800 --> 00:24:22,000 Speaker 1: a company's financial condition is not what it appears. It 434 00:24:22,080 --> 00:24:24,879 Speaker 1: also can be a signal to regulators and other authorities 435 00:24:24,880 --> 00:24:27,680 Speaker 1: that wrongdoing may have occurred. It comes as New York's 436 00:24:27,680 --> 00:24:30,760 Speaker 1: Attorney General is investigating what she says was a pattern 437 00:24:30,800 --> 00:24:34,560 Speaker 1: of potential fraud involving the manipulation of valuations of key 438 00:24:34,640 --> 00:24:39,240 Speaker 1: Trump properties. Kaylee lines Bloomberg Daybreak, New York Governor Kathy Hokola, 439 00:24:39,359 --> 00:24:42,400 Speaker 1: Mayor Eric Adams denouncing the murder thirty five year old 440 00:24:42,440 --> 00:24:45,240 Speaker 1: Christina Lee as the latest in a string of attacks 441 00:24:45,520 --> 00:24:48,719 Speaker 1: on people of Asian descent. Please say. She was stamped 442 00:24:48,720 --> 00:24:51,520 Speaker 1: to death inside her Lower Manhattan apartment by a homeless 443 00:24:51,520 --> 00:24:54,560 Speaker 1: man who followed her from her street into the building. 444 00:24:54,920 --> 00:24:58,600 Speaker 1: Residents gathered in Chinatown to remember her and speak out 445 00:24:58,640 --> 00:25:02,440 Speaker 1: against the murder. As a father five daughters, scares me 446 00:25:02,840 --> 00:25:06,240 Speaker 1: to even know that these kind of incidents occurring out there. 447 00:25:06,480 --> 00:25:09,359 Speaker 1: The killing happened weeks after another woman of Asian descent 448 00:25:09,720 --> 00:25:11,400 Speaker 1: was killed by a man who pushed her in front 449 00:25:11,440 --> 00:25:14,479 Speaker 1: of an oncoming subway train at the Times Square station. 450 00:25:15,040 --> 00:25:18,720 Speaker 1: Demonstrators against vaccine mandates halted traffic at two major border 451 00:25:18,760 --> 00:25:22,760 Speaker 1: crossings in Western Canada, even as Prime Minister Justin Trudeau 452 00:25:23,240 --> 00:25:26,840 Speaker 1: used a law giving his government emergency powers to end blockades. 453 00:25:27,280 --> 00:25:30,520 Speaker 1: The main border posts in Alberta and Manitoba were closed, 454 00:25:30,680 --> 00:25:33,439 Speaker 1: with the commercial traffic to the US blocked by semi 455 00:25:33,480 --> 00:25:37,239 Speaker 1: trailers and farm equipment. New York City Fire more than 456 00:25:37,280 --> 00:25:39,879 Speaker 1: a thousand workers have hailed to comply with the city's 457 00:25:39,880 --> 00:25:43,840 Speaker 1: COVID nineteen vaccine mandate. The fourteen hundred and thirty workers 458 00:25:43,840 --> 00:25:46,879 Speaker 1: who lost their jobs represent less than one percent of 459 00:25:46,920 --> 00:25:50,680 Speaker 1: the city workforce and are far fewer terminations than expected. 460 00:25:51,040 --> 00:25:53,480 Speaker 1: Of those fired, about sixty four percent work for the 461 00:25:53,480 --> 00:25:57,399 Speaker 1: city's Education Department, and judge says Hilter smiths a libel 462 00:25:57,480 --> 00:26:01,480 Speaker 1: lawsuit that former Alaska Governor Sarah Haylan filed it against 463 00:26:01,480 --> 00:26:04,440 Speaker 1: The New York Times. The judge made the announcement while 464 00:26:04,440 --> 00:26:07,720 Speaker 1: a jury continue to deliberate you know, as District Judge 465 00:26:08,040 --> 00:26:11,399 Speaker 1: jef Redcoff says he'll let the jury deliberations continue in 466 00:26:11,440 --> 00:26:14,840 Speaker 1: case his decision winds up being reversed. On Appeal Global 467 00:26:14,880 --> 00:26:17,400 Speaker 1: News twenty four hours day on errand on Bloomberg Quick 468 00:26:17,400 --> 00:26:20,199 Speaker 1: Take Power by more than twenty seven hundred journalists and 469 00:26:20,200 --> 00:26:23,240 Speaker 1: analysts had more than one hundred twenty countries on John 470 00:26:23,280 --> 00:26:30,760 Speaker 1: Tuckery and this is Bloomberg Nathan, Thanks John almost five 471 00:26:30,800 --> 00:26:33,080 Speaker 1: thirty six on Wall Street, John Sansars got the Bloomberg 472 00:26:33,119 --> 00:26:35,400 Speaker 1: Sports Up Day Thanks take. Another blown lead and their 473 00:26:35,480 --> 00:26:37,720 Speaker 1: loss more the same for the Knicks at the guard, 474 00:26:37,760 --> 00:26:39,679 Speaker 1: they let Oklahoma City most of the way at one 475 00:26:39,720 --> 00:26:44,160 Speaker 1: point by eleven, Thunder came back one and over time. 476 00:26:44,280 --> 00:26:46,960 Speaker 1: Okay See's the worst offensive team in the NBA, and 477 00:26:47,000 --> 00:26:49,240 Speaker 1: they were without their top two scores. They had little 478 00:26:49,240 --> 00:26:52,440 Speaker 1: trouble scoring against the Knicks, especially their rookies train Man 479 00:26:52,480 --> 00:26:55,159 Speaker 1: and Josh Guinea, who combined for fifty eight points. Willias 480 00:26:55,240 --> 00:26:57,760 Speaker 1: Randall had thirty his first temple double of the year. 481 00:26:57,840 --> 00:26:59,600 Speaker 1: Manuel Quickly had a chance to send the game to 482 00:26:59,640 --> 00:27:02,159 Speaker 1: a set, and ot missed the game time three and 483 00:27:02,160 --> 00:27:04,639 Speaker 1: the Knicks has lost nine of their last eleven, the 484 00:27:04,760 --> 00:27:09,560 Speaker 1: coach top Thibodeaut so he's playing hard to playing well. 485 00:27:09,600 --> 00:27:11,640 Speaker 1: Then you know the Chicago getting at the lead most 486 00:27:11,640 --> 00:27:14,320 Speaker 1: of the game, the same thing. So we knew we 487 00:27:14,359 --> 00:27:16,600 Speaker 1: were gonna be challenge the thing that they do well 488 00:27:16,640 --> 00:27:19,240 Speaker 1: as they tracked the ball you know, into the paint 489 00:27:19,320 --> 00:27:23,119 Speaker 1: very frankly, So we knew that the challenge for us. 490 00:27:23,200 --> 00:27:26,119 Speaker 1: You know, their their guards got into the paint created 491 00:27:26,160 --> 00:27:29,520 Speaker 1: how they was a problem. Nios. The Nets tomorrow night 492 00:27:29,560 --> 00:27:32,919 Speaker 1: next blew out Sacramento at Barkley's one five, finally end 493 00:27:32,920 --> 00:27:35,360 Speaker 1: their losing streak at eleven. Bruce Brown led the Nets 494 00:27:35,440 --> 00:27:38,320 Speaker 1: nineteen point six rebounds, six and sist James Harden, just 495 00:27:38,359 --> 00:27:40,639 Speaker 1: traded by the Nets to Philadelphia, will not debut for 496 00:27:40,680 --> 00:27:43,639 Speaker 1: the Sixers until after the All Star Breakdeto a hamstring injuries, 497 00:27:43,680 --> 00:27:46,720 Speaker 1: also out of Sunday's All Star Game, replaced by Cleveland 498 00:27:46,760 --> 00:27:49,880 Speaker 1: center Jared Allen. The Nets traded Allen last year as 499 00:27:49,920 --> 00:27:51,560 Speaker 1: part of the deal to get hard and the Rangers 500 00:27:51,600 --> 00:27:53,440 Speaker 1: finally back on the ice tonight, their first game in 501 00:27:53,480 --> 00:27:56,080 Speaker 1: two weeks. That he was Boston Odell Beckham, who had 502 00:27:56,119 --> 00:27:59,159 Speaker 1: messy divorces with the Giants in Cleveland, Browns gets a 503 00:27:59,240 --> 00:28:01,480 Speaker 1: Super Bowl ring with the Rams with that knee injury 504 00:28:01,560 --> 00:28:04,920 Speaker 1: suffered Sunday, as reportedly another torn a c l would 505 00:28:04,960 --> 00:28:06,879 Speaker 1: be the second and three years on the same knee. 506 00:28:07,160 --> 00:28:10,159 Speaker 1: Beckham is going to be a free agent. John Stashant, 507 00:28:10,160 --> 00:28:13,480 Speaker 1: Bloomberg Sports thanks John thirty seven on Wall Street Time 508 00:28:13,480 --> 00:28:15,960 Speaker 1: for the Tri State Business Report with Bloomberg's head Corey. 509 00:28:16,560 --> 00:28:19,960 Speaker 1: After several false starts, New York bankers may finally be 510 00:28:20,040 --> 00:28:23,840 Speaker 1: getting back to their desks. Preta Mongery's coffee and sandwich 511 00:28:23,880 --> 00:28:27,160 Speaker 1: sales close to the downtown and Midtown headquarters of financial 512 00:28:27,240 --> 00:28:30,760 Speaker 1: firms like JP Morgan, Chase, Goldman, Saxon City Group have 513 00:28:30,880 --> 00:28:34,359 Speaker 1: gone up recently just under half of their pre pandemic levels. 514 00:28:34,840 --> 00:28:37,439 Speaker 1: New Jersey Governor Phil Murphy says he would support a 515 00:28:37,480 --> 00:28:41,160 Speaker 1: series of bills introduced by Democratic lawmakers that would camp 516 00:28:41,200 --> 00:28:45,240 Speaker 1: out of pocket costs for insulin, asthma inhailers and EpiPens 517 00:28:45,680 --> 00:28:48,760 Speaker 1: that would affect two million residents covered by state regulated 518 00:28:48,800 --> 00:28:52,160 Speaker 1: health plans. Yale New Haven Health says it's expanding its 519 00:28:52,240 --> 00:28:55,400 Speaker 1: network through the purchase of three hospitals in the region. 520 00:28:55,760 --> 00:28:59,440 Speaker 1: Their ownership will switch from being for profit to nonprofit 521 00:28:59,520 --> 00:29:03,480 Speaker 1: in an effort to increase healthcare accessibility. The three facilities 522 00:29:03,520 --> 00:29:08,520 Speaker 1: involved are Waterbury Hospital, Manchester Memorial and the Rockville General 523 00:29:08,560 --> 00:29:12,520 Speaker 1: Hospital in Vernon. That's your Bloomberg Trying State Business report. 524 00:29:12,680 --> 00:29:15,200 Speaker 1: I'm Ed Corey. Thanks said Bloomberg Radios on the air 525 00:29:15,240 --> 00:29:17,720 Speaker 1: from San Francisco to New York, London to Hong Kong. 526 00:29:17,800 --> 00:29:19,720 Speaker 1: Let's check in with our global news team for some 527 00:29:19,760 --> 00:29:21,920 Speaker 1: of the top stories heard on our three hundred affiliate 528 00:29:22,000 --> 00:29:27,920 Speaker 1: radio stations around the world. I'm TV Spelly Greeny. I'm 529 00:29:27,920 --> 00:29:30,400 Speaker 1: Tanton Winds in New York. I'm reporting on how workers 530 00:29:30,400 --> 00:29:32,960 Speaker 1: are flooding back to Wall Street. I'm Corney's on a 531 00:29:33,000 --> 00:29:35,680 Speaker 1: hoe on w h as M Louisville. Toyota is still 532 00:29:35,760 --> 00:29:39,040 Speaker 1: trying to get plants back after the Canadian protests. A 533 00:29:39,160 --> 00:29:42,240 Speaker 1: new imports on Bloomberg DAB Digital Radio. We're posting on 534 00:29:42,320 --> 00:29:45,160 Speaker 1: the diplomatic push of Ukraine and what could be a 535 00:29:45,280 --> 00:29:49,160 Speaker 1: punchy UK inflation figure as the cost of living crunch continues. 536 00:29:49,880 --> 00:29:53,000 Speaker 1: I'm Ed Cory on a t am in Cleveland. I'm 537 00:29:53,080 --> 00:29:55,800 Speaker 1: reporting c b R E Group to secure the last 538 00:29:55,840 --> 00:29:58,680 Speaker 1: for officers in Mayfield Height. Those are some of the 539 00:29:58,720 --> 00:30:01,880 Speaker 1: stories are a Bloomberg journalists and analysts are working on 540 00:30:01,960 --> 00:30:04,200 Speaker 1: this morning around the world. It's five thirty nine on 541 00:30:04,280 --> 00:30:09,560 Speaker 1: Wall Street. The following commentary is from Bloomberg Opinion, The 542 00:30:09,680 --> 00:30:12,360 Speaker 1: I r S can't figure out how to tax gig workers, 543 00:30:12,680 --> 00:30:15,800 Speaker 1: and alexis leandest the calmness For Bloomberg Opinion, the I 544 00:30:15,960 --> 00:30:19,080 Speaker 1: r S is going after the gig economy dramatically lowering 545 00:30:19,120 --> 00:30:23,000 Speaker 1: the threshold for reporting income outside traditional workplaces. But if 546 00:30:23,040 --> 00:30:25,320 Speaker 1: you've been keeping your side hustle off the books, the 547 00:30:25,400 --> 00:30:28,280 Speaker 1: new rule probably won't be what forces you to come clean. 548 00:30:28,760 --> 00:30:31,360 Speaker 1: First off, the rule is easy to ignore. It was 549 00:30:31,400 --> 00:30:34,200 Speaker 1: written in a vague and confusing way, giving the payment 550 00:30:34,240 --> 00:30:36,680 Speaker 1: apps and many of their customers plenty of wiggle room. 551 00:30:37,120 --> 00:30:40,560 Speaker 1: Different payment networks have different rules, with confusion over weather 552 00:30:40,640 --> 00:30:43,280 Speaker 1: reporting will be for users with personal accounts for just 553 00:30:43,400 --> 00:30:46,840 Speaker 1: business ones, and as it stands now, much depends on 554 00:30:46,920 --> 00:30:49,480 Speaker 1: the person making the payment, who must check the correct 555 00:30:49,520 --> 00:30:52,320 Speaker 1: box when sending across their money to indicate whether it's 556 00:30:52,360 --> 00:30:55,120 Speaker 1: business or personal. For the government to get its legal 557 00:30:55,160 --> 00:30:57,400 Speaker 1: share of the growing gig economy, it's going to have 558 00:30:57,480 --> 00:30:59,800 Speaker 1: to plug a lot of holes. Maybe it should start 559 00:30:59,840 --> 00:31:02,840 Speaker 1: by deciding who is going to make accountable for compliance 560 00:31:03,120 --> 00:31:06,240 Speaker 1: and alexis leanest. For more opinion, please go to Bloomberg 561 00:31:06,320 --> 00:31:09,120 Speaker 1: dot com, slash opinion or opi en go on the 562 00:31:09,160 --> 00:31:13,080 Speaker 1: Bloomberg terminal. This has been Bloomberg Opinion. Listen for Bloomberg 563 00:31:13,120 --> 00:31:16,280 Speaker 1: opinion commentaries every week at this time. Terminal customers can 564 00:31:16,360 --> 00:31:19,160 Speaker 1: read more at op i n go. This is Bloomberg 565 00:31:22,480 --> 00:31:25,520 Speaker 1: Bloomberg eleven three oh weather, sunny, low thirties today, upper 566 00:31:25,600 --> 00:31:29,120 Speaker 1: forties by tomorrow with a breeze. Afternoon shower is possible 567 00:31:29,160 --> 00:31:31,440 Speaker 1: on a very mild and windy Thursday with a high 568 00:31:31,480 --> 00:31:38,800 Speaker 1: your sixty right now. It's only seventeen in Central Park markets. 569 00:31:38,920 --> 00:31:41,959 Speaker 1: Headlines and breaking news twenty four hours a day at 570 00:31:42,000 --> 00:31:46,000 Speaker 1: Bloomberg dot com, the Bloomberg Business and at Bloomberg Quick Tape. 571 00:31:46,520 --> 00:31:56,120 Speaker 1: He's a Bloomberg Business flash and I'm Cameron Moscow Stops. 572 00:31:56,120 --> 00:31:58,400 Speaker 1: You're rising along with US dot index futures and an 573 00:31:58,440 --> 00:32:01,640 Speaker 1: optimism at geopolitical ten pins are easing. We checked the 574 00:32:01,720 --> 00:32:05,120 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg 575 00:32:05,240 --> 00:32:07,960 Speaker 1: U S and P futures of fifty nine points this morning, 576 00:32:08,040 --> 00:32:11,200 Speaker 1: down futures of three hundred twenty nine NASTAG futures have 577 00:32:11,280 --> 00:32:14,479 Speaker 1: two hundred sixty nine The decks in Germany's at one 578 00:32:14,520 --> 00:32:17,880 Speaker 1: point four percent. Ten year treasury down thirteen thirty seconds 579 00:32:17,960 --> 00:32:20,240 Speaker 1: yield two point zero three percent. They yield on the 580 00:32:20,320 --> 00:32:23,760 Speaker 1: two year one point five eight percent. Nimex screwed oil 581 00:32:23,920 --> 00:32:26,400 Speaker 1: is down two point nine percent, down two dollars eighty 582 00:32:26,440 --> 00:32:28,680 Speaker 1: two cents and ninety two dollars sixty seven cents of 583 00:32:28,720 --> 00:32:31,360 Speaker 1: barrel Comex s goold is down seven tenths percent or 584 00:32:31,400 --> 00:32:34,480 Speaker 1: thirteen dollars forty cents at eighteen fifty six and ounce. 585 00:32:34,840 --> 00:32:37,800 Speaker 1: The euro one point one three four nine against the dollar, 586 00:32:37,880 --> 00:32:40,560 Speaker 1: British found one point three five five three, the ends 587 00:32:40,560 --> 00:32:43,640 Speaker 1: at one fifteen point six three and Bitcoin moving higher 588 00:32:43,960 --> 00:32:46,760 Speaker 1: at forty four thousand, two hundred fifty dollars. That's a 589 00:32:46,800 --> 00:32:49,560 Speaker 1: Bloomberg business flash. Now here's John Tucker with more and 590 00:32:49,680 --> 00:32:52,480 Speaker 1: what's going on around the world. John, Good morning. Karen 591 00:32:52,560 --> 00:32:55,320 Speaker 1: Rush's defenseman A Stray says some troops would return to 592 00:32:55,360 --> 00:32:58,760 Speaker 1: their basis after completing drills near the border with Ukraine. 593 00:32:59,280 --> 00:33:02,240 Speaker 1: Elon Moss has gifted almost six billion dollars worth of 594 00:33:02,320 --> 00:33:05,760 Speaker 1: Tesla stock to charity in one of the largest philanthropic 595 00:33:05,840 --> 00:33:10,320 Speaker 1: donations in history. Demonstrators against vaccine mandates halted traffic at 596 00:33:10,360 --> 00:33:13,840 Speaker 1: two major border crossings in Western Canada, even as that 597 00:33:14,000 --> 00:33:19,000 Speaker 1: country's Prime minister evoked emergency powers to end blockades. Sports, 598 00:33:19,080 --> 00:33:22,480 Speaker 1: the Nets and Wizards win, the Nixon Warriors lose, and 599 00:33:22,720 --> 00:33:26,200 Speaker 1: on the ice, the Sharks fall to the oilers. Global 600 00:33:26,240 --> 00:33:28,880 Speaker 1: news twenty four hours a day on airon on Bloomberg Quicktake. 601 00:33:29,160 --> 00:33:32,320 Speaker 1: We're powered by more than seven hundred journalists and analysts 602 00:33:32,360 --> 00:33:35,320 Speaker 1: and more than one d twenty countries. I'm John Tucker, 603 00:33:35,520 --> 00:33:39,640 Speaker 1: and this is Bloomberg. This is the Big Take, the 604 00:33:39,800 --> 00:33:43,880 Speaker 1: best of Bloomberg's in depth, original reporting from around the globe. 605 00:33:43,960 --> 00:33:47,000 Speaker 1: We're running on a financial system that's running on old technology. 606 00:33:47,160 --> 00:33:51,720 Speaker 1: We're seeings fresh recortize what unfolds in mid terms, we 607 00:33:51,800 --> 00:33:54,760 Speaker 1: will no doubt see again in the next presidential election. 608 00:33:54,960 --> 00:34:00,200 Speaker 1: The Big Take on Bloomberg Radio. It's fine on on 609 00:34:00,280 --> 00:34:03,080 Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studios. This 610 00:34:03,280 --> 00:34:05,800 Speaker 1: is Bloomberg Daybreak. In Our Big Take this morning is 611 00:34:05,880 --> 00:34:08,759 Speaker 1: on hedge funds, Which one's made the most money in 612 00:34:09,640 --> 00:34:13,040 Speaker 1: one and the surprising names near the top Bloomberg. Simone 613 00:34:13,120 --> 00:34:16,000 Speaker 1: Foxman is with us for more on this story. Simone, 614 00:34:16,120 --> 00:34:18,839 Speaker 1: great to talk with you. And one name in particular 615 00:34:19,560 --> 00:34:22,640 Speaker 1: stands out on the list of hedge fund managers that 616 00:34:22,719 --> 00:34:27,160 Speaker 1: Bloomberg ranked in one outperforming the likes of Steve Cohen, 617 00:34:27,400 --> 00:34:29,800 Speaker 1: Ray Dalio and Bill Ackman. I hope I get the 618 00:34:29,960 --> 00:34:35,680 Speaker 1: pronunciation of his name right. Who is Karthik Sarma? Hi? Yeah, 619 00:34:35,800 --> 00:34:39,320 Speaker 1: he is the head of SRS Investment Management. And this 620 00:34:39,520 --> 00:34:43,240 Speaker 1: is frankly a little known hedge fund UM eight billion 621 00:34:43,320 --> 00:34:46,880 Speaker 1: dollar fund. However, in part because he made two billion 622 00:34:47,000 --> 00:34:51,960 Speaker 1: dollars last year thirty five percent gain for investors, and 623 00:34:52,080 --> 00:34:55,640 Speaker 1: his strategy is using very little leverage but going really 624 00:34:55,719 --> 00:34:59,480 Speaker 1: big on single investment. So Davis Budget Group with a 625 00:34:59,800 --> 00:35:03,040 Speaker 1: key play last year. Remember that those shares went up 626 00:35:03,080 --> 00:35:05,680 Speaker 1: four hundred and fifty six percent during the course of 627 00:35:05,680 --> 00:35:07,920 Speaker 1: the years of that made money. He's made money on 628 00:35:08,040 --> 00:35:10,560 Speaker 1: Netflix through the years. This is a former guy who 629 00:35:10,600 --> 00:35:14,560 Speaker 1: worked for Tiger Management UM, so he didn't quite meet 630 00:35:14,680 --> 00:35:19,120 Speaker 1: the games the investment gains of Ken Griffin, who's head 631 00:35:19,160 --> 00:35:22,320 Speaker 1: of Citadel. But you know, exciting to see someone who's 632 00:35:22,520 --> 00:35:24,680 Speaker 1: not quite so known come in really at the top 633 00:35:24,760 --> 00:35:28,160 Speaker 1: of our hedge fund manager ranking. Is that just because 634 00:35:28,520 --> 00:35:31,720 Speaker 1: he got lucky on Avis. I mean, we all remember 635 00:35:31,840 --> 00:35:35,320 Speaker 1: how the stock just soared when they came out with 636 00:35:35,440 --> 00:35:40,600 Speaker 1: that plan to electrify their fleet. But is that just 637 00:35:40,920 --> 00:35:43,680 Speaker 1: what's behind this or is there more strategy to what 638 00:35:43,920 --> 00:35:48,640 Speaker 1: SARM is doing. You know, there seems to be more strategy. 639 00:35:48,680 --> 00:35:51,719 Speaker 1: And of course you know what we know is from investors. Um, 640 00:35:51,960 --> 00:35:54,560 Speaker 1: he tends to take a portfolio. He had twenty five 641 00:35:54,640 --> 00:35:57,600 Speaker 1: long five shorts, and so you know, you look at 642 00:35:57,640 --> 00:36:00,759 Speaker 1: the past month where market throw down, and you know 643 00:36:00,880 --> 00:36:03,200 Speaker 1: he was down less than the market despite some of 644 00:36:03,280 --> 00:36:07,160 Speaker 1: those long term positions. UM seeing a little play. But uh, 645 00:36:07,280 --> 00:36:09,880 Speaker 1: you know, it's it's interesting here because stock pickers have 646 00:36:10,200 --> 00:36:14,120 Speaker 1: not necessarily been you know, the cream of the crop 647 00:36:14,239 --> 00:36:16,560 Speaker 1: for a long time. We've seen a lot of folks 648 00:36:16,640 --> 00:36:20,160 Speaker 1: moving towards um what my colleague in London calls the 649 00:36:20,320 --> 00:36:24,160 Speaker 1: army of faces suites. Essentially, these like massive hedge funds 650 00:36:24,400 --> 00:36:27,319 Speaker 1: with lots of different people running lots of different strategies, uh, 651 00:36:27,400 --> 00:36:30,759 Speaker 1: and very diversified asset classes. But yet you have some 652 00:36:30,880 --> 00:36:33,239 Speaker 1: of these stock pickers really at the top of their game, 653 00:36:33,920 --> 00:36:36,600 Speaker 1: even though you know the move is clearly towards these 654 00:36:36,680 --> 00:36:40,480 Speaker 1: larger funds. And it is interesting to see an outperformer 655 00:36:40,520 --> 00:36:43,480 Speaker 1: at a time when we were dealing with all the 656 00:36:43,719 --> 00:36:47,680 Speaker 1: meme stock frenzy last year, when you had stocks getting 657 00:36:47,760 --> 00:36:51,360 Speaker 1: picked by people trading ideas on Reddit. I mean, what 658 00:36:51,480 --> 00:36:54,879 Speaker 1: does this say about how the hedge fund industry could 659 00:36:54,920 --> 00:36:59,839 Speaker 1: be playing the volatility we saw last year? Yeah, I mean, 660 00:37:00,080 --> 00:37:02,640 Speaker 1: and not only did you know, were these these massive 661 00:37:02,840 --> 00:37:05,640 Speaker 1: meme stocks, some folks made money on that. Although that 662 00:37:05,719 --> 00:37:08,240 Speaker 1: was like a retail trend, you know, there were folks 663 00:37:08,280 --> 00:37:10,200 Speaker 1: who were on the other side of that. You know, 664 00:37:10,440 --> 00:37:13,239 Speaker 1: we we talked a lot about Melvin and game plot 665 00:37:13,360 --> 00:37:16,920 Speaker 1: of getting getting hurt by some of those plays. Um. 666 00:37:17,320 --> 00:37:21,919 Speaker 1: You know, I think this acknowledgement of retail trends has 667 00:37:22,000 --> 00:37:24,440 Speaker 1: to be part of what fund managers are looking at, 668 00:37:24,760 --> 00:37:27,279 Speaker 1: whether that's in the guise of a specific strategy at 669 00:37:27,280 --> 00:37:30,400 Speaker 1: a much larger fund or if you're a stock picker. Uh, 670 00:37:30,520 --> 00:37:32,279 Speaker 1: you just have to kind of keep a pace of 671 00:37:32,600 --> 00:37:35,200 Speaker 1: the fact that retail investors an increasing part of the market. 672 00:37:36,040 --> 00:37:39,160 Speaker 1: And when you have a figure like a Karthi Sarma 673 00:37:39,239 --> 00:37:42,520 Speaker 1: who sort of limits as a net exposure with these 674 00:37:42,880 --> 00:37:46,560 Speaker 1: sort of you know, just a few stocks that he's 675 00:37:46,600 --> 00:37:50,240 Speaker 1: got in his portfolio. Does that point to a different 676 00:37:50,360 --> 00:37:53,520 Speaker 1: kind of strategy that the hedge fund industry more broadly 677 00:37:53,760 --> 00:37:58,600 Speaker 1: can consider. You know, I think there's this sort of 678 00:37:58,719 --> 00:38:01,440 Speaker 1: dichotomy here. Um, he's not the only one with just 679 00:38:01,560 --> 00:38:03,719 Speaker 1: a few stocks in his portfolio. This is something that 680 00:38:04,120 --> 00:38:07,000 Speaker 1: you know, Pershing Square, Bill Asman Um he had really 681 00:38:07,040 --> 00:38:10,560 Speaker 1: specialized in where these folks kind of pick these specific 682 00:38:10,680 --> 00:38:13,840 Speaker 1: plays and they go really hard on those um and 683 00:38:14,000 --> 00:38:16,560 Speaker 1: that sort of you know, makes you money when you've 684 00:38:16,640 --> 00:38:20,000 Speaker 1: chosen very well. Um. But and that's kind of the 685 00:38:20,440 --> 00:38:24,000 Speaker 1: the atmosphere of these big name managers who you know, 686 00:38:24,400 --> 00:38:28,120 Speaker 1: really became really well known in front of investors for 687 00:38:28,280 --> 00:38:31,759 Speaker 1: taking these big gambles. At the same time, I think 688 00:38:31,800 --> 00:38:34,840 Speaker 1: if you look at the multi strategy funds, they're the 689 00:38:34,920 --> 00:38:39,600 Speaker 1: ones who are on our best performing list year after year. 690 00:38:40,239 --> 00:38:42,920 Speaker 1: So when you're an investor, you're considering both, you know, 691 00:38:43,120 --> 00:38:45,800 Speaker 1: kind of a question work about which you want to maintain. 692 00:38:46,440 --> 00:38:48,040 Speaker 1: Thanks for a Simone, good having you on with us. 693 00:38:48,040 --> 00:38:51,799 Speaker 1: Simone Foxman, Bloomberg correspondent, and you can read more at 694 00:38:52,080 --> 00:38:55,200 Speaker 1: Bloomberg dot com. Slash Big Take and I Big Take 695 00:38:55,280 --> 00:38:58,839 Speaker 1: go on the Bloomberg terminal. Karen Nathan, It is five 696 00:38:58,880 --> 00:39:02,000 Speaker 1: fifty four on Wellish a time for our Bloomberg Law report, 697 00:39:02,040 --> 00:39:06,200 Speaker 1: brought to you by American Arbitration Association. Business disputes are inevitable, 698 00:39:06,440 --> 00:39:10,120 Speaker 1: resolve faster with the American Arbitration Association, the global leader 699 00:39:10,320 --> 00:39:13,560 Speaker 1: in alternative dispute resolution for over ninety years. More at 700 00:39:13,600 --> 00:39:16,160 Speaker 1: a dr dot org. Let's get to the legal stories 701 00:39:16,200 --> 00:39:22,960 Speaker 1: we're watching this morning. From Bloomberg's Jeff Bellinger. Williams Sonoma 702 00:39:23,040 --> 00:39:26,320 Speaker 1: employees filed a suit in California alleging they were not 703 00:39:26,480 --> 00:39:30,440 Speaker 1: paid for time spent undergoing mandatory COVID nineteen testing and 704 00:39:30,640 --> 00:39:34,200 Speaker 1: they were often required to work through Greeks during the holidays. 705 00:39:34,719 --> 00:39:38,080 Speaker 1: My eye doctors being sued in federal court in Massachusetts 706 00:39:38,120 --> 00:39:42,000 Speaker 1: accused of misclassifying managers to avoid paying them over time. 707 00:39:42,520 --> 00:39:46,239 Speaker 1: General Electric has hired Frank Humanis as general counsel for 708 00:39:46,320 --> 00:39:50,640 Speaker 1: its healthcare business. Humanis will start next week. Bloomberg Law 709 00:39:50,960 --> 00:39:55,160 Speaker 1: everything you need, all on one legal research platform, including 710 00:39:55,200 --> 00:39:59,480 Speaker 1: guidance analysis and Bloomberg Market Intelligence. Find out more at 711 00:39:59,480 --> 00:40:04,560 Speaker 1: Bloomberg lawn dot com. All right, Jeff, thank you. Now, 712 00:40:04,560 --> 00:40:07,520 Speaker 1: another legal story we're watching brings us to some intricate 713 00:40:07,600 --> 00:40:10,840 Speaker 1: illegal issues tied to the pandemic. Parents have had a 714 00:40:10,920 --> 00:40:13,600 Speaker 1: lot to worry about during COVID, from whether to get 715 00:40:13,680 --> 00:40:16,960 Speaker 1: children vaccinated to sending them to school with masks, and 716 00:40:17,080 --> 00:40:19,760 Speaker 1: those worries can turn into a laundry list of conflicts 717 00:40:19,800 --> 00:40:22,719 Speaker 1: who are separated or divorced parents. For more in the matter, 718 00:40:22,760 --> 00:40:25,840 Speaker 1: Bloombergs dun Grasso speaks to Lois Lieberman, a partner and 719 00:40:25,920 --> 00:40:29,040 Speaker 1: the family law practice at Blank Rome. Let's say the 720 00:40:29,160 --> 00:40:32,760 Speaker 1: mother wants the child to be vaccinated and the father doesn't. 721 00:40:33,040 --> 00:40:35,480 Speaker 1: Does the court usually get involved in that, and what 722 00:40:35,680 --> 00:40:38,960 Speaker 1: kind of factors does the judge way? If the court 723 00:40:39,000 --> 00:40:41,680 Speaker 1: gets involved, they're looking at the best interests of the child. 724 00:40:41,800 --> 00:40:45,760 Speaker 1: That's what's supposed to be the basis upon the court's decision. 725 00:40:46,120 --> 00:40:48,600 Speaker 1: The court is going to want to delve into what's 726 00:40:48,719 --> 00:40:53,680 Speaker 1: the reasoning behind dad not wanting the child to be vaccinated. 727 00:40:54,120 --> 00:40:58,120 Speaker 1: Most recently, there was a decision in December that Judge 728 00:40:58,160 --> 00:41:01,840 Speaker 1: Dollinger in Monroe County rendered. And this was a father 729 00:41:01,960 --> 00:41:05,319 Speaker 1: who was a scientist, somebody who was a professor at 730 00:41:05,440 --> 00:41:10,680 Speaker 1: Rochester Institute of Technology, who was vaccinated himself. His older 731 00:41:10,880 --> 00:41:14,040 Speaker 1: daughters were vaccinated. He was concerned about his eleven year 732 00:41:14,080 --> 00:41:17,840 Speaker 1: old daughter being vaccinated wanted to see a bit more data. 733 00:41:18,200 --> 00:41:22,800 Speaker 1: In that particular decision, the court made a determination that 734 00:41:22,920 --> 00:41:27,359 Speaker 1: the CDC was recommending that the child should be vaccinated, 735 00:41:27,440 --> 00:41:30,560 Speaker 1: and therefore there was no point of waiting, and that 736 00:41:30,760 --> 00:41:32,640 Speaker 1: it was in the best interests of the child to 737 00:41:32,880 --> 00:41:38,000 Speaker 1: become vaccinated, and therefore gave the mom the decision making authority. 738 00:41:38,360 --> 00:41:41,640 Speaker 1: What about the situation where the vaccinated parent wants to 739 00:41:41,719 --> 00:41:47,320 Speaker 1: stop visitation with the unvaccinated parent. What we're seeing is 740 00:41:47,400 --> 00:41:54,320 Speaker 1: that the court is limiting and sometimes suspending the unvaccinated 741 00:41:54,440 --> 00:42:00,399 Speaker 1: parents parental access, saying they are protecting the child, help 742 00:42:00,520 --> 00:42:04,640 Speaker 1: safety and welfare. In the Chicago case, the jurors went 743 00:42:04,719 --> 00:42:08,120 Speaker 1: so far as to say that parent had to be vaccinated. 744 00:42:08,239 --> 00:42:11,440 Speaker 1: Yet in New York, we've seen decisions where the judges 745 00:42:11,560 --> 00:42:14,040 Speaker 1: basically said you can see the kid if you take 746 00:42:14,160 --> 00:42:16,880 Speaker 1: a COVID test, and as low as labor men of 747 00:42:16,960 --> 00:42:19,839 Speaker 1: Blank Rome speaking at the Bloomberg Student Grasso. Catch more 748 00:42:19,920 --> 00:42:22,759 Speaker 1: of that interview, plus analysis of the latest legal news, 749 00:42:23,080 --> 00:42:25,320 Speaker 1: by listening to the Bloomberg Law Show at ten pm 750 00:42:25,360 --> 00:42:28,759 Speaker 1: Eastern Time, or subscribing to the Bloomberg Law Podcast, and 751 00:42:28,880 --> 00:42:32,440 Speaker 1: attorneys can find exceptional legal research and business development tools 752 00:42:32,760 --> 00:42:36,759 Speaker 1: at Bloomberg law dot com. Again, futures are on the 753 00:42:36,960 --> 00:42:41,160 Speaker 1: rise this morning and still ahead. On Bloomberg Daybreak, check 754 00:42:41,239 --> 00:42:43,799 Speaker 1: on the business headlines and all the news you need 755 00:42:43,920 --> 00:42:46,640 Speaker 1: to start your day. This is Bloomberg.