Speaker 1: Live from the Bloomberg Interacted Berger Studios. This is Bloomberg
Speaker 1: day Break for Tuesday May seventy two. Coming up this hour,
Speaker 1: stocks rise, ahead of key retail sales data and earnings
Speaker 1: from Walmart and Home depon new developments this morning, and
Speaker 1: Elon Musk's pursuit of Twitter, where Buffett changes banks will
Speaker 1: explain and they send moves to a passage of forty
Speaker 1: billion dollars in aid to Ukraine. President Biden heads the
Speaker 1: Buffalo today following Saturday's deadly mass shooting. Plus New York
Speaker 1: City's health chief urgess people to mask up. I'm Michael
Speaker 1: blarn More. Ahead, I'm John Stashdow and sports. The Yankees
Speaker 1: stay red hot with an easy win in Baltimore. The
Speaker 1: Islanders have hired a new coach. That's all training. Ahead
Speaker 1: on Bloomberg Daybreak on Bloomberg eleven three, on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nineteen
Speaker 1: and around the world. Old on Bloomberg Radio dot Com
Speaker 1: and via the Bloomberg Business App. Good morning, I'm John
Speaker 1: Tucker and I'm Karen Moscow in US Dock Index futures
Speaker 1: are on the rise this morning. We're coming up to
Speaker 1: five out one on Wall Street, and we check the
Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg
Speaker 1: right now, SMP futures about fifty seven boys. Douth futures
Speaker 1: have three five NASDACK futures have two hundred forty three
Speaker 1: ten year treasury down nine thirty seconds, held two point
Speaker 1: nine one percent, and they yield on the two year
Speaker 1: two point six zero percent. John and Karen. The rise
Speaker 1: and futures follows a late day sell off on Wall Street.
Speaker 1: The tech of the NAZAC was hard as say, falling
Speaker 1: more than one percent. New York State manufacturing activity unexpectedly
Speaker 1: contracted at May. And that's the concerns of slowing growth
Speaker 1: recession of years are real. According to Voyas in your
Speaker 1: portfolio manager Barbara Reinhard, we think that the world is
Speaker 1: going to go from worrying about inflation to worrying about
Speaker 1: the recession probably in just a few months time. So
Speaker 1: we think that this is the very beginning of the
Speaker 1: worries that we see happening for the for the economy.
Speaker 1: Will the Investment Management's Barbara Reinhardt made the comments on
Speaker 1: Bloomberg Business Week her weekdays from two to five pm
Speaker 1: Eastern on Bloomberg Radio. Meantime, John Cash is king. That's
Speaker 1: according to the latest Bank of America Fund Managers survey,
Speaker 1: which shows cash levels among investors hit the highest level
Speaker 1: since September of two thousand one. Stankflation fears are the
Speaker 1: highest and fourteen years investors see hawkish central banks is
Speaker 1: the biggest risk, followed by a global recession, and speaking
Speaker 1: in central banks, we could get more clues on the
Speaker 1: path of interest rate hikes. Six FED officials speak at
Speaker 1: events today. The highlight comes this afternoon when the Fed
Speaker 1: shair j. Pale's interview for a live Wall Street Journal event.
Speaker 1: Well in Asia, overnight, John stocks were winners. Technology shares
Speaker 1: climbed as investors assessed China's effort to stamp out COVID.
Speaker 1: Look at the recap from Bloomberg's Juliette Sally in Singapore.
Speaker 1: Good morning, Juliette, Good morning Karen. The m s c
Speaker 1: I Asia Pacific Index gain for a third session, as
Speaker 1: longest winning streaks since mid March. China's tech companies jumped
Speaker 1: on optimism. Beijing may ease up on a year long
Speaker 1: clampdown following a meeting between regulators and corporate giants. Adding
Speaker 1: to the positive time, Shanghai reporting three days of zero
Speaker 1: community transmission. This is a milestone that could lead officials
Speaker 1: to start unwinding the punishing lockdown and reopening. Stocks also
Speaker 1: rose in Japan after the nation announced it will allow
Speaker 1: small tourist groups on package tours into the country this
Speaker 1: month on an experimental basis. In Singapore. Juliette Sale Bloomberg Daybreak,
Speaker 1: Thanks Julie Attorney to Corporate News. Fresh developments this morning
Speaker 1: on whether Elon Musk will pursue he is takeover of Twitter.
Speaker 1: Let's get the latest live from Bloomberg's REDNEYA Young, Good morning, Na,
Speaker 1: Good morning John. Elon Musk says he'll proceed with his
Speaker 1: forty four billion dollar Twitter takeover only if the social
Speaker 1: media giant proves that less than five percent of his
Speaker 1: accounts are fake. He shared even more of his skepticism
Speaker 1: yesterday at a Miami Tech Prince, estimating that bots make
Speaker 1: up at least twenty percent of all Twitter accounts. Musk
Speaker 1: shocked the market last week when he tweeted that his
Speaker 1: offer was temporarily on hold, and doubts are growing that
Speaker 1: he'd be able to pull off his acquisition and that
Speaker 1: he may consider dropping his bidding price. Shares of Twitter
Speaker 1: right now are down about two percent in early trading.
Speaker 1: Live in New York. I'm gonna need a Young Bloomberg
Speaker 1: day break. I need to thank you. We moved from
Speaker 1: one billionaire now to another. With news from Warren Buffett,
Speaker 1: the Berkshire Hathaway chairman, said goodbye to one longtime bank steak.
Speaker 1: He made a big bet on another. One of filing
Speaker 1: shows that Buffett ended his long running investment in Wells
Speaker 1: Fargo in the first quarter and has now invested roughly
Speaker 1: two point nine billion dollars in City Group. Shares of
Speaker 1: City are up more than four percent this morning. It's
Speaker 1: a big day on the retail front. This morning, we're
Speaker 1: gonna get earnings from Home Depot and Walmart. Bloomberg's Tom
Speaker 1: Busby has more on the outlook for Walmart. The focus
Speaker 1: for investors is whether sales continued to grow at the
Speaker 1: nation's biggest read sailor and largest grocery seller amidst stubbornly
Speaker 1: high inflation, or whether consumers were forced to pull back
Speaker 1: a bit last quarter. Bloomberg consensus calls were adjusted earnings
Speaker 1: per share of a dollar forty eight on revenues of
Speaker 1: just over nine million dollars and comp usls forecast rise
Speaker 1: two and a quarter percent. Tom Busby, Bloomberg Daybreak, Right, Tom,
Speaker 1: thank you. Also, this morning, before the market opens, the
Speaker 1: government issues economic data on retail sales. We get a
Speaker 1: preview from Bloomberg's Lisa Mateo. The median forecast calls for
Speaker 1: a game, but Bloomberg Economics anticipates slower growth in April
Speaker 1: retail sales. The reason signs of stress as inflation chips
Speaker 1: away at household finances. Consumers are turning to credit to
Speaker 1: pay for essentials such as food and gasoline. That doesn't
Speaker 1: bode well for discretionary spending. Lisa Mateo, Bloomberg Daybreak, Thanks Lisa.
Speaker 1: We now turn to developments involving the war in Europe.
Speaker 1: Senators have advanced the Ukrainian aid bill with wide support.
Speaker 1: Amy morriss is details from our Bloomberg N one newsroom
Speaker 1: in Washington. The Senate overwhelmingly moved the bill forward with
Speaker 1: a vote of eighty one to eleven. The measure would
Speaker 1: give forty billion dollars an aid to Ukraine, including money
Speaker 1: for weapons training and humanitarian aid. Now this was a
Speaker 1: procedural vote. A final vote on the measure is expected
Speaker 1: as early as tomorrow if all lawmakers wave rules on debate,
Speaker 1: and then from there it would go to the President's desk.
Speaker 1: Last week, Senator Rand Ball of Kentucky held up the
Speaker 1: bill over concerns about the cost and how the money
Speaker 1: would be spent in Washington, I'm any more as Bloomberg
Speaker 1: daybreak right, Amy, thank you. And it appears that Finland
Speaker 1: and Sweden's bid to join NATO is hitting a roadblog.
Speaker 1: Turkey's President er Juan is for the brakes on the move,
Speaker 1: saying he won't allow the countries to join the alliance
Speaker 1: because of their stances on Kurdish militants. Here Toman caused
Speaker 1: Sweden a nesting ground for terrorists. Even if he does
Speaker 1: not end up blocking membership, are Towan could extract concessions
Speaker 1: from NATO to allow it. And this morning we're seeing
Speaker 1: futures rallying ahead of the cash open on Wall Street.
Speaker 1: Right now, the Dawn Future is up three hundred fifty
Speaker 1: eight points smp E. Many futures up sixty one and
Speaker 1: the Aztec futures up two hundred and fifty five, and
Speaker 1: the benchmark ten year yield right now at two that
Speaker 1: is up to basis points. You're listening to Bloomberg Daybreak,
Speaker 1: it's five. He'll set about Wall Street. Time to bring
Speaker 1: in Michael Barr with more on what else is going
Speaker 1: on in New York and around the world. John, thank
Speaker 1: you very much. President Biden heads to Buffalo, New York
Speaker 1: today after Saturday's deadly mass shooting at a supermarket. Authorities
Speaker 1: say the gunman is an eighteen year old white supremacist.
Speaker 1: Buffalo Mayor Byron Brown. It's been hard. Uh, it's shocking,
Speaker 1: it's painful, and um, I've worked hard to hold this
Speaker 1: community together. Mayor Brown says he will also talk with
Speaker 1: the President Biden about federal gun laws in New York.
Speaker 1: In vigil was held at Harlem Church last night for
Speaker 1: the victims in Buffalo. Among those in attendant said Bethel
Speaker 1: Gospel Assembly, New York Attorney General Letitia James. We are
Speaker 1: in pain for the thirteen individuals who were shot, in
Speaker 1: the ten beautiful lives that were lost, and for their
Speaker 1: families that are suffering, and for the Buffalo community that
Speaker 1: is in so much pain, so much anger, along with
Speaker 1: a G James, New York Mayor Eric Adams also spoke.
Speaker 1: Adams talked about Buffalo and an eleven year old girl
Speaker 1: who was shot and killed by a gunman riding a
Speaker 1: scooter in the Longwood section of the Bronx last night.
Speaker 1: We have to be consistent because if you take the
Speaker 1: life of young Kiera merely because of which she lived,
Speaker 1: you no more less demonic than a person that took
Speaker 1: the life of those ten innocent people in Buffalo. Mayor
Speaker 1: Adams also slam social media. New York City health officials
Speaker 1: are urging New Yorkers to wear masks in the all
Speaker 1: indoor public settings as the city approaches high risk COVID
Speaker 1: nineteen alert status. New York City has been averaging around
Speaker 1: thirty six hundred reported new cases of COVID nineteen per
Speaker 1: day over the past week. Five states old primary elections
Speaker 1: today ahead of the November of mid terms. In Pennsylvania,
Speaker 1: both parties hoped to pick up an open Senate seat
Speaker 1: In the Republican primary. TV star Dr menmn Oz has
Speaker 1: former President Trump's endorsement. Oz is running against former Bridgewater
Speaker 1: CEO Dave McCormick. But conservative commentator Kathy Barnett is surging
Speaker 1: in the polls Bloomberg Government Elections, reported Greg Jarrow. Sometimes
Speaker 1: when you have races where we have two front runners
Speaker 1: beating in on each other, sometimes a third canic can
Speaker 1: kind of steak up there by surprise. And but Barnett
Speaker 1: did a rise in the polls in the last seven
Speaker 1: or ten days, Bloomberg's Greg Jarrow. As for the Democrats,
Speaker 1: Lieutenant Governor John Fetterman, who had a health scare, probably,
Speaker 1: according to Jarrow, as enough of elite still win. The
Speaker 1: primary Global News twenty four was a day on air
Speaker 1: and on Bloomberg Quicktake powered by more than twenty seven
Speaker 1: hundred journalists and anolists in more than a twenty countries.
Speaker 1: And Michael bar this is Bloomberg, John, Michael, thanks, he
Speaker 1: is South by ten Wall Street ten out for the
Speaker 1: Bloomberg Sports Update. Good morning, John Stan show Ki Morney. John.
Speaker 1: Here in mid May, the Yankees and still yet to
Speaker 1: reach double figures in the lost called another way, this
Speaker 1: one in Baltimore with a big hit coming from an
Speaker 1: unlikely source. Is hit in the air down the right
Speaker 1: field line, a long run per cent and there and
Speaker 1: it is it is a home run. Wow. He hit
Speaker 1: one right down the line and it just got over
Speaker 1: the high wall near the pole. Well, that is really something.
Speaker 1: A three run home run for Trevino w f an
Speaker 1: Yankees first home run hit by a catcher. Jose Trevino
Speaker 1: and Kyle had got Yoka, both batting under two hundred.
Speaker 1: It's hardly hurt them. They are now twenty six and nine,
Speaker 1: nineteen wins in the last twenty two games. They get
Speaker 1: the Oil six to two. H Donaldson and Anthony Rizzo
Speaker 1: had back to back homer's in the ninth inning. Luis
Speaker 1: Sevrena allowed only one hit Yanks out hit the Oriels
Speaker 1: eleven and three Yanks and only allowed seven hits over
Speaker 1: the last two games. Mets and Cardinals reined out. City
Speaker 1: Field will play a straight doubleheader today after a weekend
Speaker 1: with a total of seven game seven's. The NBA and
Speaker 1: NHL playoffs took a night off back. Tonight started the
Speaker 1: NBA's Eastern Conference Finals Celtics and he in Miami. They
Speaker 1: met in these finals two years ago. Miami won that serious.
Speaker 1: Stanley kept second round starts tonight with in stint battle
Speaker 1: Tampa Bay and Florida. Also St. Louis at Colorado Rangers
Speaker 1: and Hurricanes game one and Raleigh tomorrow. The Islanders, who
Speaker 1: just fired coach Barry Trots promoted his assistant Lane Lambert.
Speaker 1: Pg H champions FT is off Thursday, and tells so
Speaker 1: that if any champ, Phil Nicholson is not playing Tiger
Speaker 1: Woods is as his legs severely injured in that car
Speaker 1: after the last year, is feeling better. John Stash Howard
Speaker 1: Bloomberg Sports. John alright, thanks John, and we're in the
Speaker 1: green right now Premarket Dow futures three forty eight points,
Speaker 1: SMP futures, they're up sixty at the Nanstic futures right
Speaker 1: now two hundred and fifty four points. If you're listening
Speaker 1: to Bloomberg day Break, just ahead, can't we shop until
Speaker 1: we drop Walmart sales under close scrutiny as they report earnings,
Speaker 1: will preview their earnings report with Jen Bartashes of Bloomberg Intelligence, Markets,
Speaker 1: Headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com and Bloomberg Business at and at Bloomberg
Speaker 1: Quick Tape. This is a Bloomberg Business Lash and I'm
Speaker 1: Karen Moscow stocks in Europe are rising along with US
Speaker 1: stock index futures as risk appetite returns to markets, royal bike,
Speaker 1: concerns about global economic growth, searching prices and policy tightening.
Speaker 1: Treasury yields are rising. The dollar for its reading whicheck
Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg,
Speaker 1: and technology shares are gaining this morning, with NASDACK futures
Speaker 1: jumping up more than two percent of two hundred fifty
Speaker 1: seven points does in P futures up sixty down futures
Speaker 1: have three hundred forty three the ten your treasury down
Speaker 1: five thirties seconds, YELD two point nine zero percent yield
Speaker 1: on the two year two point six zero percent. Nimex
Speaker 1: herd oil is up to ten percent or twenty three
Speaker 1: cents at a hundred fourteen dollars forty three cents of barrel.
Speaker 1: Comex gold up seven tenths per cent or thirteen dollars
Speaker 1: ten cents at eighteen twenty seven ten announced the euro
Speaker 1: one point oh four eight one against the dollar, British
Speaker 1: found one point to four eight six, the yen one
Speaker 1: twenty nine points to nine, and bitcoin this morning is
Speaker 1: up more than two percent at thirty thousand at five
Speaker 1: hundred eighty dollars. Today, we are watching for report on
Speaker 1: April retail sales at at day thirty Wall Street time
Speaker 1: and nine fifteen it's industrial production. Then at ten Business Inventories,
Speaker 1: Home Depot, and Walmart are among companies scheduled to report
Speaker 1: earnings today. That's a Bloomberg business flash. Now here's Michael
Speaker 1: Barr with more on muss going on around the world. Uncle,
Speaker 1: good morning, Good morning, Karen. President Byton travels to Buffalo,
Speaker 1: New York this morning to meet the families the victims
Speaker 1: of sun to Day's supermarket shooting that left ten people dead,
Speaker 1: all of them black. This as we learned the eighteen
Speaker 1: year old suspected shooter was allegedly inspired by the race
Speaker 1: whose great Replacement theory. Five states will hold primary elections today.
Speaker 1: Pennsylvania is trying to decide an open Senate seat ahead
Speaker 1: of the mid terms. Other states holding primaries are Idaho, Kentucky,
Speaker 1: North Carolina, and Oregon. In baseball, the Yankees beat the
Speaker 1: oriole six to the Mets Games reigned out the Red Sox,
Speaker 1: and Giants won the Nationals. And He's lost. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: in more than a hundred twenty countries. I'm Michael bar
Speaker 1: This is Bloomberg John. Thank you, Michael. It is five
Speaker 1: twenty on Wall Street. We are live in the Bloomberg
Speaker 1: Intract to Brokers Studios. This is Bloomberg Daybreak. Elon Moss
Speaker 1: says he will proceed with his forty four billion dollar
Speaker 1: takeover of Twitter only if the social media giant can
Speaker 1: substantiate claims about the proportion of bots its service. Let's
Speaker 1: take a deeper dive this morning. We were joined first
Speaker 1: by Giles Turner, Bloomberg Technology Managing Editor. Can you explain
Speaker 1: to me the big deal about bots? Yeah, it's very
Speaker 1: difficult to work out how many bots there are on
Speaker 1: the on the platform. I do have simply both for
Speaker 1: the Elon Musk saying that surely the CEO of Twitter
Speaker 1: must know how many fake accounts on the system. We
Speaker 1: spend a lot of time trying to figure it out ourselves.
Speaker 1: I remember doing the brexit um sort of breakdown. We
Speaker 1: were trying to work out how much of the accounts
Speaker 1: were fueled by um outside influence perhaps from Russia. Clever
Speaker 1: people who us are trying to do it as well,
Speaker 1: and it turned out to be incredibly difficult once you
Speaker 1: drilled down into these accounts. Um So, But keeping here
Speaker 1: for Musk is how much of the accounts are fake?
Speaker 1: Obviously he thinks they've drawn to him. There are a
Speaker 1: lot of fake crypto accounts are obviously going to be
Speaker 1: drawn to Musk's own account. He probably finds that a
Speaker 1: very frustrating, but also it may well be a very
Speaker 1: clever bartering tool to get a lower price on Twitter.
Speaker 1: Obviously seen the shares come down quite a lot recently.
Speaker 1: All Right, so what's Twitter is saying at this point?
Speaker 1: Presumably what they've disclosed comes in the we're getting regulatory
Speaker 1: failings for a bunch of companies, right, Yeah, Well they've
Speaker 1: always said that they think it's around five percent, but
Speaker 1: they've also always said they think it could be a
Speaker 1: lot more because it's very difficult to at least it
Speaker 1: is from the arguments for Twitter, it's very devil to
Speaker 1: know exactly which accounts are fake, which I'm also it's
Speaker 1: worth adding here that the people who do make these
Speaker 1: fake accounts have got incredibly good at this They've had
Speaker 1: quite considerable amount of time to practice their skill. It
Speaker 1: is very difficult to work out which are fake and
Speaker 1: which are not. How it is not impossible, and he
Speaker 1: is study posting that they don't have better understanding of
Speaker 1: of this figure and figure accounts. I mean, this is
Speaker 1: no grad insight. They don't generate any revenue or anything
Speaker 1: for for Twitter. No, well, they can drive. There's plenty
Speaker 1: of spectation and why these exist, um, not only for
Speaker 1: political reasons, but also for for driving or trying to
Speaker 1: influence the algithm to help potentially get different messages across
Speaker 1: from various different people. Um, you know, be a fake
Speaker 1: advertising for example, or for political reasons, be the way
Speaker 1: no one likes them math for sure, but there are
Speaker 1: It's on that point that there are bots that are
Speaker 1: actually valid and Twitter does allow bot certain bots to
Speaker 1: be on their on their system, for example, things that
Speaker 1: the recent popular ones that is a pot that's been
Speaker 1: following various UM yachts and private planes of oligarchs, for example.
Speaker 1: People have found those very useful. Um, So there is
Speaker 1: a place of them. However, you've got to think of
Speaker 1: the perspective that even muster is coming from as being
Speaker 1: one of the most active users on Twitter, also someone
Speaker 1: who talks a lot about flitter currency, and there seems
Speaker 1: to a lot more fake accounts um mainly for trying
Speaker 1: to trick people into giving up their own money. Um,
Speaker 1: and they okay, Mosco telling me a very successful Giles
Speaker 1: nice a lot Chiles Turner, Bloomberg Technology Managing Editor. With
Speaker 1: that explanation, let's continue our coverage of this story this
Speaker 1: morning with one of the top analysts covering these UH companies,
Speaker 1: Dan Ives web Bush Securities, joins us this morning, Dan,
Speaker 1: why is this so chaotic? Look? I mean, it's turned
Speaker 1: into a circuit show because the issue is that the
Speaker 1: bots seek accounts. It was probably noon that it would
Speaker 1: be higher than what Twitter actually talked about. But I
Speaker 1: believe this is really ultimately must getting cold feet with
Speaker 1: the deal, looking for a scapegoat, and you know, it's
Speaker 1: really turned into what I'd say it was the Twilight
Speaker 1: Zone situation. He's trying to ballad the deal billion dollar
Speaker 1: breakup or drive a much significantly lower priced Twitter's back
Speaker 1: into the wall. There's no other bitter and this has
Speaker 1: really become you know, like like I said, it's a
Speaker 1: stirker show. Um, do you mentioned the breakup fee. Is
Speaker 1: there a way to break up this deal up and
Speaker 1: uh not and avoid the fee? No. I mean at
Speaker 1: this point he'd have to pay the fee. But then legally,
Speaker 1: in terms some of the due diligence, there's a lot
Speaker 1: of questions if he could even walk a bit because
Speaker 1: of this back claim, because you know this is gonna
Speaker 1: now potentially go through a back and forth that could
Speaker 1: ultimately end up in the courts. We got to hear
Speaker 1: from Twitter's board, but this is really the issue Twitter News.
Speaker 1: If they just say okay, no deal, we walk away,
Speaker 1: then ultimately this is doctor goes under thirty dollars and
Speaker 1: and that's really the issue for Twitter's board is that
Speaker 1: they really need to ultimately sit there and wait to
Speaker 1: see if there's a lower price. And the way that
Speaker 1: Musk has handled this and I think all around has
Speaker 1: been a black eye. H So, as far as investors
Speaker 1: are concerned, are is this is a disservice to the investors. Oh,
Speaker 1: I mean, I say it's unconscionable in terms the waves
Speaker 1: hounds in the public market. This is typical due diligence
Speaker 1: you do behind the scenes, and it's something where market
Speaker 1: sen dramatically three injin billions come off of his Golden
Speaker 1: Child test lessons. It's all started. I think you overestimated
Speaker 1: that his bonds are falling this morning after yesterday's a
Speaker 1: late sell off. Nancy Davey, founder of Quadratic Capital Management,
Speaker 1: says the market is still too optimistic about the feasibility
Speaker 1: to tame inflation. So much of the inflationary shock is
Speaker 1: not necessarily a result of the level of interest rates.
Speaker 1: It's other reasons that are pandemic related. So it's a
Speaker 1: really challenging time to try to thread the needle, and
Speaker 1: I think that's why we're encouraging investors just to be
Speaker 1: very diversified. Nancy Davis of Quadratic Capital Management says if
Speaker 1: inflation does not come down with higher rates, she worries
Speaker 1: about stagflation. That's surely on the mind of the Fed.
Speaker 1: As we hear six Central Bank officials to day, including
Speaker 1: Chair J. Powell. He'll be interviewed during a live Wall
Speaker 1: Street Journal event later this afternoon. While turning to Capitol
Speaker 1: Hill the mid term election less than six months away,
Speaker 1: inflation is likely a major issue for voters. Senator Dick
Speaker 1: Durbin of Illinois spoke to Bloomberg's David Weston about how
Speaker 1: President Biden is trying to curb rising prices. But the
Speaker 1: president's doing releasing oil from the Strategic Patrol named Reserve,
Speaker 1: making moves in agriculture. He's doing everything within his control
Speaker 1: and power to move this inflation away from American families.
Speaker 1: It's a tough challenge. Illinois Senator Dick Durbin speaking with
Speaker 1: David Weston on Bloomberg's balance of power. Catch the program
Speaker 1: weekdays at noon Eastern on Bloomberg Radio and Television. And
Speaker 1: Karen on the economic front, We're gonna get more of
Speaker 1: a sense of consumer sentiment today. That's when the government
Speaker 1: issues data on retail sales. We also get earnings from
Speaker 1: Walmart this morning at overseas stocks in Europe and Chinese
Speaker 1: text socks clide with hopes that China will ease COVID restrictions.
Speaker 1: And finally, John, as you've been telling you, there are
Speaker 1: fresh developments this morning on Elon Musk's pursuit of Twitter,
Speaker 1: and Bloomberg's Ranita Young joins us live with more. Good morning, Ranita,
Speaker 1: Good morning Karen. Elon Musk says he'll proceed with his
Speaker 1: forty four billion dollar. Twitter takeover only if it proves
Speaker 1: that less than five percent of its accounts are fake.
Speaker 1: He shared more skepticism yesterday at a Miami tech conference,
Speaker 1: estimating that bots make up at least twenty of all
Speaker 1: Twitter accounts. Musk shocked the market last week when he
Speaker 1: tweeted that his offer was temporarily on hold, and doubts
Speaker 1: are growing that he'll pull off the acquisition and he
Speaker 1: may consider dropping his bidding price. Live in New York,
Speaker 1: I'm Ranita Young Bloomberg, day break right, Grenita, thank you,
Speaker 1: and shares of Twitter down about three percent this morning.
Speaker 1: Futures this morning are on the rise. SMP futures up
Speaker 1: sixty one points down, futures have three D fifty five,
Speaker 1: and nasday futures up two D fifty seven, or about
Speaker 1: two point one percent. Ten year Treasury down eight thirty
Speaker 1: seconds yield two point nine one percent. They yield on
Speaker 1: the two year two point six zero percent. Nine max
Speaker 1: Screwed oil is up seven tenths percent, or seventy five
Speaker 1: cents at a hundred fourteen dollars ninety four cents of
Speaker 1: barrel comexs. Gold is up seven tenths percent or twelve
Speaker 1: dollars fifty cents at eighteen twenty six fifty announced the
Speaker 1: euro one point oh four seven eight against the dollar.
Speaker 1: Bitcoin is higher. It's at thirty thousand, six hundred sixty dollars.
Speaker 1: Straight and hand your latest local headlines plus the check
Speaker 1: of sports. This is Bloomberg. Thanks Karen, find thirty three
Speaker 1: on Wall Street and let's bring in Michael barn Now
Speaker 1: with more of what else is going on in New
Speaker 1: York and around the world. John, thank you very much, sir.
Speaker 1: President Biden travels to Buffalo, New York today he will
Speaker 1: try to heal a community following Saturday's mass shooting. Authorities
Speaker 1: say ten people were killed inside at top supermarket by
Speaker 1: an eighteen year old white supremacist. Buffalo may Byron Brown
Speaker 1: said he plans to talk to the President about gun laws.
Speaker 1: The availability of guns is just far too great in
Speaker 1: this country. Guns too often fall in the wrong hands,
Speaker 1: illegally and illegally. Something has to be done about that
Speaker 1: at the federal level. That finally has to be the
Speaker 1: resolve to change that. Mayor Brown told ABC the shooting
Speaker 1: shakes your sense of security in New York. Vigil for
Speaker 1: the Buffalo victims was held at a Harlem church. Last night,
Speaker 1: Mayor Eric Adams spoke at Bethel Gospel Assembly and criticize
Speaker 1: social media. What happened and Buffalo is no different than
Speaker 1: the sickness of social media that has music telling our
Speaker 1: young people to go after each other and shoot each other.
Speaker 1: Along with Erik Adams, New York Attorney General Letitia James
Speaker 1: was also in attendance. New York City health officials issued
Speaker 1: an advisory urging New Yorkers to mask up as the
Speaker 1: city approaches high risk COVID nineteen alert status. The Health
Speaker 1: Commissioner says we should wear face cut of rings at
Speaker 1: all times in public indoor settings. Five states old primary
Speaker 1: elections today. In Pennsylvania, both parties hope to pick up
Speaker 1: an open Senate seat in the Republican primary. TV star
Speaker 1: Dr mem and Oz has former President Trump's endorsement. However,
Speaker 1: conservative commentator Kathy Barnett is surging in the polls as
Speaker 1: for the Democrats. Bloomberg Government Elections reporter Greg Jarrow was
Speaker 1: asked about Lieutenant Governor John Fetterman's announcement that he had
Speaker 1: a stroke last week. It's big news to occur in
Speaker 1: the winning days of the campaign, but I think Utterman's
Speaker 1: lead in the polls over his Democratic opponents, led by
Speaker 1: Representative Connor Lamb, was probably substantial enough where he's probably
Speaker 1: gonna win the primary anyway. Bloomberg's Gregg Jarrow. Other states
Speaker 1: holding primaries today are Idaho, Kentucky, North Carolina, and Oregon.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: hund your journalist and analysts more than a hundred twenty countries.
Speaker 1: I'm Michael bar This is Bloomberg, John Michael, Thank you,
Speaker 1: l five thirty six on Wall Street. Time to out
Speaker 1: for Bloomberg Sports Updating, and here's John than. Another night
Speaker 1: and the Yankee victory, this one in Baltimore started the
Speaker 1: four game series. Yanks be the Oil six to two.
Speaker 1: The big head Not for Aaron Judge, you got the
Speaker 1: night off rather from light hitting catcher Jose Travino three
Speaker 1: run homer hit down the line in right field, Josh
Speaker 1: Donaldson and Anthony Rizzo with back to back homers of
Speaker 1: the night. Luis Severino aout only one hit. Was not
Speaker 1: a great night for Joey Gallo. Baltimore's first batter, gallow
Speaker 1: dropped a fly ball went for a three base air.
Speaker 1: He also went over five with four strikeouts. But the
Speaker 1: Yanks still win and they've now taken nineteen of their
Speaker 1: last twenty two. Mets and Cardinals reined out double header
Speaker 1: today at City Field. The Islanders just fired their coach
Speaker 1: Barry Trots. They are replacing him with his top assistant,
Speaker 1: Lane Lambert. It's a good day, um, something that you know,
Speaker 1: I have been preparing for for a long time. UM,
Speaker 1: throughout many years in the game and many years as
Speaker 1: a coach. UM. Uh and uh So there's there's a
Speaker 1: level of excitement for sure. Lambert worked under Tracks for
Speaker 1: eleven years at three different places and filled in for
Speaker 1: him for several games this past season. As for the Rangers,
Speaker 1: off to Raleigh for Game one of the Hurricanes tomorrow night.
Speaker 1: The two teams met two years ago in the Bubble.
Speaker 1: Carolina swept the best of five qualifying round series. Year ago,
Speaker 1: Phil Nicholson won the p G H champions You have
Speaker 1: at the age of fifty. He's not playing this p
Speaker 1: G A that begins Thursday and Tulsa. Nicholson criticized for
Speaker 1: comments he made about joining a new Saudi back tour
Speaker 1: eighty two year old Jack Nicholas says he was offered
Speaker 1: the job of running that new tour and was offered
Speaker 1: one hundred million dollars and Nicholas turned it down due
Speaker 1: to his loyalty to the PGM. John Stashatward Bloomberg Sports
Speaker 1: John Thanks John. It is now five thirty seveled on
Speaker 1: Wall Street time for the Tri State Business Report, and
Speaker 1: for that we're joined by Bloomberg's ed query. The spread
Speaker 1: of the omicrons subvariant is stalling Wall Streets returned to
Speaker 1: the office based on prett A mon J Coffience dandwhich
Speaker 1: sales in the financial district. Bloomberg Spread Index shows the
Speaker 1: chains transactions last week in the area that includes the
Speaker 1: head offices of firms like Goldman Sachs, with the lowest
Speaker 1: since February. New York State manufacturing activity unexpectedly shrunk in
Speaker 1: May for the second time in three months, reflecting plunges
Speaker 1: in orders and shipments. Additional disappointing results may raise concerns
Speaker 1: about a slowdown in economic activity. The former Hampton's home
Speaker 1: of the late Johnson and Johnson chief executive officer James
Speaker 1: Burke has been sold, Sources tell Dow Jones it went
Speaker 1: for close to its forty eight million dollar asking price.
Speaker 1: The roughly four acre ocean front estate is in Sagaponack.
Speaker 1: It includes two distinct parcels, according to the property's listing agent,
Speaker 1: Christopher Covert of Compass, that your Bloomberg Trying state business report.
Speaker 1: I'm Ed Corey said five thirty eights on Wall Street.
Speaker 1: Bloomberg Radio is on the air from San Francisco to
Speaker 1: New York, London to Hong Kong. Let's stick in now
Speaker 1: with their global industry and for some of the top
Speaker 1: stories heard on our three hundred affiliate radio stations around
Speaker 1: the world. I'm Gina Servetti and for w w b B,
Speaker 1: I'm in Chicago. I'm reporting that Bowen's biggest customer in
Speaker 1: China is dropping plans to add more than a hundred
Speaker 1: seven thirty seven Max jets to its fleet. I'm Caroline
Speaker 1: Head Complain by David Digital Radio in London. We're reporting
Speaker 1: on the latest UK unemployment numbers showing the labor market
Speaker 1: getting even tighter, but real wages are dropping as inflation skyrockets.
Speaker 1: I'm Steve Polas Content ten Wins in New York. We're
Speaker 1: looking at how the Bloomberg Fred Indeck shows Wall streets
Speaker 1: already sluggish. Returned to office plans are taken a step back.
Speaker 1: I'm in Cory on w w J in Detroit. I'm
Speaker 1: reporting the owners of an Auburn Hills, Japanese diner are
Speaker 1: being charged with filing false tax return and those are
Speaker 1: some of the stories are Twenty seven hundred Bloomberg journalists
Speaker 1: and analysts are working on this morning around the world.
Speaker 1: It is on Wall Street. The following is an editorial
Speaker 1: from Bloomberg Opinion to soaring prices at Another worry for
Speaker 1: American consumers an alarming shortage of baby formula. The nationwide
Speaker 1: out of stock rate has surged past and it could
Speaker 1: take months for supplies to return to normal. Two basic
Speaker 1: problems underlie the shortfall. The first was a contamination scare
Speaker 1: at one of the US's largest formula production plants. The
Speaker 1: facility was shut down and has yet to come back online.
Speaker 1: A second, more intractable problem is that decades of bad
Speaker 1: policy have led to extreme market concentration. For example, excessive
Speaker 1: terrorists and other trade barriers have all but shut out
Speaker 1: imported formula in a well functioning market. The temporary shuttering
Speaker 1: of a single plant wouldn't create a national crisis when
Speaker 1: hopes this mass will help policy makers accept an important fact.
Speaker 1: Protectionism doesn't make economies more resilient. Instead, it diminishes competition,
Speaker 1: limits choice, and creates new vulnerabilities. This editorial was written
Speaker 1: by the Bloomberg Opinion Editorial Board. I'm David Shipley. For
Speaker 1: more Bloomberg Opinion, please go to Bloomberg dot com, slash
Speaker 1: Opinion or open go on the Bloomberg Terminal. This has
Speaker 1: been Bloomberg Opinion and Bloomberg Opinion editorials could be heard
Speaker 1: every weekday. At this time, terminal customers could reboard at
Speaker 1: O P I N Go Bloomberg Daybreak, brought you by
Speaker 1: the New York Community Trust. Your name will live on
Speaker 1: as a champion of the causes you care about for
Speaker 1: years to come through a charitable big question of the
Speaker 1: New York Community Trust. We're more at Philanthropist dot n
Speaker 1: y C markets headlines and breaking news twenty four hours
Speaker 1: a day, at Bloomberg dot Com, the Bloomberg Business at
Speaker 1: and at Bloomberg Quick Tape. This is a Bloomberg Business
Speaker 1: Flash and I'm Karen Moscow, and we continue to watch
Speaker 1: shares a Twitter this morning down almost four percent right now,
Speaker 1: as you've been reporting on Musta clearing he won't proceed
Speaker 1: with his forty four billion dollar takeover of Twitter unless
Speaker 1: the social media giant can prove bots make up fewer
Speaker 1: than five percent of its users. SNP futures are on
Speaker 1: the rise this morning. They are up sixty six points
Speaker 1: down futures have three hundred eighty six, and NASTAG futures
Speaker 1: are higher, up two hundred sixty eight. That's up two
Speaker 1: point two percent. The decks in Germany's up one point
Speaker 1: six percent. The ten year treasury down seven thirty seconds,
Speaker 1: yield two point nine zero percent. The yield on a
Speaker 1: two year two point six one percent nine max Scrude
Speaker 1: oil is up half percent, or fifty eight cents at
Speaker 1: a hundred fourteen dollars seventy eight cents of barrel comes.
Speaker 1: Gold up six tenths percent or eleven dollars at eighteen
Speaker 1: twenty five an ounce. The Euro one point oh four
Speaker 1: seven four against the dollar, British pad one point two
Speaker 1: four eight, the En one twenty nine point three five,
Speaker 1: and taking a look at Bitcoin this morning, it's higher,
Speaker 1: up more than two percent at thirty thousand, six hundred dollars.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Uncle Karen,
Speaker 1: thank you very much. Ukrainian troops who have been holding
Speaker 1: out for weeks at a steel plan in the port
Speaker 1: city of Mariuple have finally surrendered to Russian forces. Injured
Speaker 1: soldiers have been taken to Russian and controlled territories in
Speaker 1: eastern Ukraine. Five states will hold primary elections today. Pennsylvania
Speaker 1: is trying to design and open Senate seat ahead of
Speaker 1: the midterms. Other states holding primaries are Idaho, Kentucky, North Carolina,
Speaker 1: and Oregon. In baseball, the Yankees beat the Orioles six
Speaker 1: to the Mets game reigned out the Red Sox and
Speaker 1: Giants won the Nationals, and A's lost. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg quick Take,
Speaker 1: powered by more than twenty seven hunder journalists and analysts
Speaker 1: in more than one twenty countries, and Michael Barn this
Speaker 1: is Bloomberg. Michael, thank you very much. It is now
Speaker 1: five forty nine of all story. We are lying for
Speaker 1: the Bloomberg interranton Broker studios. Down down and check what's
Speaker 1: going on in d C. And some of the top
Speaker 1: stories in the nation's capital include President Biden today heading
Speaker 1: to Buffalo after the mass shooting over the week camp,
Speaker 1: the US Centres passing the forty billion dollar aid package
Speaker 1: for Ukraine, the Biden team easing its Cuba stance, and
Speaker 1: the US set to extend the COVID nineteen public health emergency.
Speaker 1: Let's take a deeper dive into these stories this morning.
Speaker 1: We are joined by Bloomberg Government reporter Emily Wilkins in
Speaker 1: our Washington bureau. Emily, good morning to thanks for being
Speaker 1: with us. Let's start with the visit of the President
Speaker 1: of Buffalo. He's not going to be able to offer
Speaker 1: much except for his sympathies, not much in the way
Speaker 1: a policy change. Is very interesting Bloomberg story of this
Speaker 1: morning on this Yeah, I think there is a certain
Speaker 1: reality um that's really got crystallized after the Sandy Hook
Speaker 1: shooting in fourteen and it's just continued to persist where
Speaker 1: any sort of gun reform legislation, either in terms of
Speaker 1: background checks, um, assault weapons fans, some things that are
Speaker 1: actually pretty popular with with the wide victory of American
Speaker 1: have really been unable to pass in Congress. But you
Speaker 1: know what, John, we actually might be seeing some legislation
Speaker 1: move due to this shooting. Remember, Um, this is tragic shooting.
Speaker 1: Of course, ten dead, three wounded. Eleven of those thirteen
Speaker 1: people were black. And we know that the shooter. Uh,
Speaker 1: you know that that he subscribed to a fringe conspiracy
Speaker 1: theory UM dealing with race. Uh. This is being investigated
Speaker 1: as a racially motivated crime. And what we're going to
Speaker 1: see today, at least it's on the schedule, is for
Speaker 1: the House to begin movement on a domestic terrorism bill.
Speaker 1: This was stalled several weeks ago over some concerns from
Speaker 1: civil rights groups and progressive Democrats. But this has new
Speaker 1: momentum after the shooting, and there's a chance that this
Speaker 1: could be a sort of prime discussed debated today and
Speaker 1: primed for a potential vote later this week. Um, this
Speaker 1: is something that lawmakers think can at least pass the House.
Speaker 1: Of course, they're huge questions about whether it's going to
Speaker 1: be able to get um some Republican support needed to
Speaker 1: move forward, but it is at least one piece of
Speaker 1: ledgislation that lawmakers believe they can move today. Um. But overall,
Speaker 1: I mean, even I think it was very telling. You know,
Speaker 1: when you heard President Biden give his remarks UM after
Speaker 1: the shooting over the weekend, he didn't call for gun
Speaker 1: reform legislation. I think that's just the mindset where everyone's
Speaker 1: at in d C. They just know that it's it's
Speaker 1: really just not possible with the current political atmosphere. Uh.
Speaker 1: In the Bloomberg story, there's a paragraph about replacement theory,
Speaker 1: a few paragraphs a section about it, the replacement theory
Speaker 1: that apparently inspired the alleged gum of the eighteen year
Speaker 1: old white man, and it's causing a blowback for some
Speaker 1: conservative lawmakers, right, Yeah, particularly at leastophonic. She is the
Speaker 1: head of the GOP caucus. That makes her kind of
Speaker 1: the number three Republican in the House. Um. A young woman,
Speaker 1: a new mother, certainly someone to watch within Republican politics.
Speaker 1: And she has pushed um this theory before. She's put
Speaker 1: ads on Facebook um saying that, you know, accusing Democrats
Speaker 1: of planning what she describes as a permanent election insurrection
Speaker 1: by a lot by granting amnesty to undocumented immigrants and
Speaker 1: allowing them to vote, giving them these majorities. This kind
Speaker 1: of a lot of people have drawn links between that
Speaker 1: and what you saw from this eighteen year old shooter
Speaker 1: kind of saying that there was this grand scheme from
Speaker 1: groups in power to replace white Americans with UM, other
Speaker 1: you know, minorities. UM. And so she's received some criticism
Speaker 1: for that. She's pushed back saying that that's not what
Speaker 1: she meant, that this is focused mostly on immigration amnesty UM,
Speaker 1: whether or not those who are currently UM in the
Speaker 1: country unauthorized to get the ability to vote. UM. But certainly,
Speaker 1: I would say expect this to be something that you
Speaker 1: continue to hear about, particularly as we get into this
Speaker 1: election season from Democrats. Yeah, real quickly aid package for Ukraine.
Speaker 1: How closer we are are we to to this? We
Speaker 1: could be less than forty hours away by for ours away,
Speaker 1: maybe even at this point make that forty six. Um.
Speaker 1: We are looking at potential passage on Wednesday, is what
Speaker 1: I'm trying to say, uh, and that we that could
Speaker 1: be Wednesday, it could be Thursday. UM. But at this
Speaker 1: point that has cleared one necessary procedural hurdle UM, and
Speaker 1: it's getting very close. Once, of course, it passes the Senate.
Speaker 1: If there is no potential changes to that text, it's
Speaker 1: going to go straight to Biden stask where he can
Speaker 1: sign it. And that's forty billion for Ukraine for military,
Speaker 1: for humanitarian aid for refugees um and this is funds
Speaker 1: that you've basically heard from from all corners saying that
Speaker 1: are still very badly needed for Ukraine to continue to
Speaker 1: push Russia back from this invasion. Bloomberg Government reporter Emily Wilkins,
Speaker 1: thanks a lot. You can read more mouth these stories
Speaker 1: on Bloomberg dot com or the Bloomberg terminal. You can
Speaker 1: follow the latest on Bloomberg ready on Washington. Bloomberg ninety
Speaker 1: Night one on one oh five point seven f M
Speaker 1: h D two. Karen, all right, John, thank you. It's
Speaker 1: five fifty four on Wall Street. Time for the Bloomberg
Speaker 1: Law Report, brought to you by American Arbitration Association. Business
Speaker 1: disputes are inevitable oversel Faster with the American Arbitration Association,
Speaker 1: the global leader in alternative dispute resolution for over ninety years.
Speaker 1: More at a d R dot org. Now here's a
Speaker 1: legal story we're watching, and it brings us back once
Speaker 1: again to Elon Musk's bid for Twitter. Concern is growing
Speaker 1: that Musk could walk away from the forty four billion
Speaker 1: dollar acquisition. He's been questioning Twitter's publicly disclosed data on
Speaker 1: the percentage of spam and fake accounts on the social
Speaker 1: media service. Beget more on the legal elements involved in
Speaker 1: this story, and with that, Bloomberg's JOm Grosso speaks to
Speaker 1: Eric Talley, a professor at Columbia Law School. Former President
Speaker 1: Trump said, there's no way that Elon Musk will buy
Speaker 1: Twitter at such a ridiculous price. Do you agree with that?
Speaker 1: It's seeming more and more unlikely that Musk is going
Speaker 1: to buy Twitter. Well, at last I checked, former President
Speaker 1: Trump had not been to law school. And one of
Speaker 1: the things that is considerable complication here is that Elon
Speaker 1: Musk has already entered into a contract in which he
Speaker 1: substantially obliges himself to make steps towards buying Twitter at
Speaker 1: a cash price that he's already stated. So the economics
Speaker 1: of this deal I think are probably causing Elon Musk
Speaker 1: to think twice about whether he really has buyer's remorse here.
Speaker 1: Man I suspect he does, if for no other reason,
Speaker 1: because he ended up paying a price that was probably
Speaker 1: higher than it would have been had he just waited
Speaker 1: for a few more weeks. That having been said, history
Speaker 1: books are filled with people who are buying companies who
Speaker 1: then get some buyer's remorse and try to get out
Speaker 1: of that, but the contracts that they've entered into make
Speaker 1: it either hard or impossible to get out of it.
Speaker 1: So one big factor here is trying to determine to
Speaker 1: what extent the deal that Must ended up entering into
Speaker 1: with Twitter is gonna end up tying his own hands
Speaker 1: later on or forcing a fairly difficult renegotiation with the
Speaker 1: Twitter board sitting on a fair amount of bargaining power.
Speaker 1: How messy would it be for Musk to back out
Speaker 1: of the deal? If you just sort of stare at
Speaker 1: the document itself. This is a document that looks for
Speaker 1: what they say in the industry, relatively seller friendly the
Speaker 1: company that's selling itself. There aren't that many ways that
Speaker 1: Musk can walk away. Now, there are some aspects to
Speaker 1: it that make it look like he could. Right, there's
Speaker 1: a termination fee that he would have to pay of
Speaker 1: a billion dollars if he were to walk away, But
Speaker 1: that's really only one of the provisions in the deal,
Speaker 1: And another one which is far more important, is a
Speaker 1: provision that's called a specific performance provision, and that's just
Speaker 1: legal ease for the either side. If the other side
Speaker 1: wants to try to back out, they can essentially force
Speaker 1: the party or get a court order forcing the party
Speaker 1: to go forward. And that's a provision that's in this deal.
Speaker 1: It doesn't provide that many outs for Elon Musk. The
Speaker 1: one that it might help provide is if for some
Speaker 1: reason he's unable to secure financing for the deal, then
Speaker 1: that might allow that specific performance provision to fall away.
Speaker 1: So you know, I think a lot of people are
Speaker 1: sort of thinking that the disclosure he made this weekend
Speaker 1: was essentially trying to set the stage for possibly engineering
Speaker 1: a failing of the financing of the deal. And that's
Speaker 1: Eric Talley, your professor at Columbia Law School, speaking at
Speaker 1: the Bloomberg Stone Grosso. Catch more of that interview plus
Speaker 1: analysis of the latest legal news by subscribing to the
Speaker 1: Bloomberg Law Podcast or downloading the show at Bloomberg dot
Speaker 1: com slash podcast. Attorneys can find exceptional legal research and
Speaker 1: business development tools at Bloomberg Law dot com and on
Speaker 1: the Bloomberg terminal at bilg go. And our top stories
Speaker 1: are straight ahead as Bloomberg Day Break continues, This is
Speaker 1: Bloomberg