1 00:00:01,680 --> 00:00:05,080 Speaker 1: By from the Bloomberg Interactive Berger Studios. This is Bloomberg 2 00:00:05,160 --> 00:00:09,600 Speaker 1: Daybreak for Wednesday, March nine. Coming up this hour, Russian 3 00:00:09,600 --> 00:00:13,840 Speaker 1: forces intensify their attack on Ukraine's capital city, Kiev. Energy 4 00:00:13,880 --> 00:00:17,640 Speaker 1: markets remain volatile as President Biden bands imports from Moscow. 5 00:00:17,880 --> 00:00:20,960 Speaker 1: Starbucks and Coca Cola are the latest to suspend business 6 00:00:20,960 --> 00:00:23,160 Speaker 1: in Russiette, and a big name investor warns of a 7 00:00:23,440 --> 00:00:28,080 Speaker 1: print on US inflation. Jersey Governor Murphy unveiled his state budget, 8 00:00:28,080 --> 00:00:30,960 Speaker 1: plus Florida's so called Don't Say Game bill is on 9 00:00:31,000 --> 00:00:34,240 Speaker 1: its way to the Governor's nest. I'm Michael blarr More Ahead, 10 00:00:34,720 --> 00:00:37,159 Speaker 1: John stash own Sports, the Nets, One, the Rangers, and 11 00:00:37,200 --> 00:00:40,360 Speaker 1: Devil's Lost, Big trade in the NFL's of optimism for 12 00:00:40,400 --> 00:00:45,440 Speaker 1: the end of the baseball lockout. That's all straight Ahead 13 00:00:45,520 --> 00:00:49,240 Speaker 1: on Bloomberg day Break on Bloomberg Element Trio, New York, 14 00:00:49,400 --> 00:00:54,120 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one, O six one, Boston, 15 00:00:54,280 --> 00:00:58,840 Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nineteen 16 00:00:59,160 --> 00:01:01,880 Speaker 1: and around the world Old on Bloomberg Radio dot Com 17 00:01:02,000 --> 00:01:08,639 Speaker 1: and via The Bloomberg Business. Good Morning, I'm Nathan Hagar 18 00:01:09,000 --> 00:01:12,319 Speaker 1: and I'm Karen Moscow. US future is rebounding this morning. 19 00:01:12,319 --> 00:01:14,039 Speaker 1: We're coming up to five o one on Wall Street, 20 00:01:14,040 --> 00:01:16,200 Speaker 1: and we check the markets every fifteen minutes throughout the 21 00:01:16,240 --> 00:01:19,440 Speaker 1: trading day. On Bloomberg. Right now, SNP futures are up 22 00:01:19,440 --> 00:01:22,680 Speaker 1: sixty nine points down. Futures have four hundred seventy three. 23 00:01:23,120 --> 00:01:26,399 Speaker 1: NASDAG futures have two hundred sixty three. That's up two percent. 24 00:01:26,760 --> 00:01:30,119 Speaker 1: The decks in Germany's at four point seven percent ten. 25 00:01:30,160 --> 00:01:32,680 Speaker 1: Your treasury down fourteen thirty seconds, you had one point 26 00:01:32,920 --> 00:01:35,200 Speaker 1: nine percent. They yield on the two year one point 27 00:01:35,200 --> 00:01:38,280 Speaker 1: six five percent. Nine X screwed oil is down two 28 00:01:38,319 --> 00:01:40,400 Speaker 1: and a half percent, down three dollars six cents at 29 00:01:40,400 --> 00:01:43,039 Speaker 1: a hundred twenty dollars sixty three cents of barrel and 30 00:01:43,120 --> 00:01:45,959 Speaker 1: COMEXS gold is down one percent at two thousand twenty 31 00:01:45,959 --> 00:01:48,400 Speaker 1: three dollars, announced Nathan. All right, Karen, we'll have more 32 00:01:48,440 --> 00:01:50,360 Speaker 1: on the markets in a minute. First, the latest on 33 00:01:50,400 --> 00:01:53,840 Speaker 1: the war in Ukraine. Russian forces have intensified their strikes 34 00:01:53,880 --> 00:01:57,160 Speaker 1: on Kiev. We get the very latest from Bloomberg's back stair. 35 00:01:57,640 --> 00:02:00,559 Speaker 1: The bulk of Russian forces are about thirty miles away 36 00:02:00,560 --> 00:02:03,200 Speaker 1: from the city. Now. This coincides with what U S 37 00:02:03,240 --> 00:02:06,960 Speaker 1: Intelligence Director Avril Haines is telling the House Intelligence Committee 38 00:02:07,160 --> 00:02:09,799 Speaker 1: that Vladimir Putin thought the war would end in two 39 00:02:09,919 --> 00:02:12,600 Speaker 1: days and that he will now be more brutal. Our 40 00:02:12,639 --> 00:02:15,400 Speaker 1: analysts assessed that Putin is unlikely to be deterred by 41 00:02:15,400 --> 00:02:18,920 Speaker 1: such setbacks and instead may escalate, essentially doubling down to 42 00:02:18,960 --> 00:02:23,640 Speaker 1: achieve Ukrainian disarmament and neutrality. Haynes says if the resistance continues, 43 00:02:23,680 --> 00:02:25,720 Speaker 1: it may have to change with some kind of face 44 00:02:25,760 --> 00:02:29,240 Speaker 1: saving action, but that that resistance will have to remain 45 00:02:29,440 --> 00:02:33,400 Speaker 1: very strong. In San Francisco, I'm at Baxter Bloomberg daybreak, 46 00:02:33,560 --> 00:02:36,440 Speaker 1: all right, and thank you. In Ukraine, pleasure, President Vladimir 47 00:02:36,520 --> 00:02:39,360 Speaker 1: z Lenski is calling for more support from allies. He 48 00:02:39,400 --> 00:02:45,360 Speaker 1: addressed the UK House of Commons yesterday. Police increase the 49 00:02:45,440 --> 00:02:50,519 Speaker 1: pressure of sanctions against this country, and police recognize this 50 00:02:50,600 --> 00:02:54,880 Speaker 1: contract as a terrorist state, and police make sure that 51 00:02:54,880 --> 00:02:59,480 Speaker 1: our Ukrainian sky is a safe Zelenski's addressed was the 52 00:02:59,480 --> 00:03:02,480 Speaker 1: first ever speech to the UK Chamber by a foreign leader. 53 00:03:02,680 --> 00:03:05,000 Speaker 1: Back here in the US, care and lawmakers on Capitol 54 00:03:05,080 --> 00:03:08,560 Speaker 1: Hill have crafted legislation to banned US imports of Russian oil. 55 00:03:08,680 --> 00:03:11,400 Speaker 1: The move came just hours after President Biden called for 56 00:03:11,440 --> 00:03:15,040 Speaker 1: a band Amy Morris has details from our Bloomberg newsroom 57 00:03:15,040 --> 00:03:18,400 Speaker 1: in Washington. The House legislation is a response by lawmakers 58 00:03:18,440 --> 00:03:22,040 Speaker 1: to public anger over Russia's invasion of Ukraine. It's also 59 00:03:22,120 --> 00:03:26,400 Speaker 1: forced President Biden's hand despite the administration's concerns about the 60 00:03:26,400 --> 00:03:30,080 Speaker 1: effect on energy prices. Biden had a warning for companies 61 00:03:30,120 --> 00:03:33,720 Speaker 1: trying to profit off the crisis. No excuse to exercise 62 00:03:34,000 --> 00:03:38,120 Speaker 1: excessive press increases or patting profits, or any kind of 63 00:03:38,160 --> 00:03:41,200 Speaker 1: effort to exploit the situation. The House bill bars the 64 00:03:41,200 --> 00:03:45,040 Speaker 1: importation of Russian crude oil, liquefied natural gas, coal, and 65 00:03:45,120 --> 00:03:49,560 Speaker 1: refined products like gasoline and kerosene. It also reviews Russia's 66 00:03:49,600 --> 00:03:52,920 Speaker 1: access to the World Trade Organization. It is scheduled for 67 00:03:52,960 --> 00:03:55,720 Speaker 1: a floor vote later today and will take effect forty 68 00:03:55,720 --> 00:03:59,000 Speaker 1: five days after it's enacted in Washington. I'm Amy Morris, 69 00:03:59,000 --> 00:04:01,400 Speaker 1: Bloomberg Daybreak. All right, Amy, thank you, Turning back to 70 00:04:01,400 --> 00:04:04,040 Speaker 1: the US economy. It's all about inflation this week. We 71 00:04:04,120 --> 00:04:07,640 Speaker 1: get the latest reading on consumer prices tomorrow. Meantime, Billionaire 72 00:04:07,680 --> 00:04:11,520 Speaker 1: bomb manager Jeffrey Gunlock Warrens that inflation could approach ten 73 00:04:11,600 --> 00:04:14,480 Speaker 1: percent this year. He said the FED needs to aggressively 74 00:04:14,520 --> 00:04:18,120 Speaker 1: tighten monetary policy. The CEO of Double Line Capital also 75 00:04:18,240 --> 00:04:22,200 Speaker 1: says that bonds are currently overvalued, while emerging market debt 76 00:04:22,240 --> 00:04:26,560 Speaker 1: is cheap. Minnesota Democratic Senator Tina Smith Karen says it 77 00:04:26,680 --> 00:04:30,080 Speaker 1: is important that us the US not rely on for 78 00:04:30,240 --> 00:04:35,279 Speaker 1: an oil. The power of being energy independent and doing 79 00:04:35,279 --> 00:04:40,080 Speaker 1: that through moving aggressively into clean power and renewable power 80 00:04:40,600 --> 00:04:42,440 Speaker 1: is that you know, the putting has no say on 81 00:04:42,480 --> 00:04:45,160 Speaker 1: whether how much we pay for wind or solar. In fact, 82 00:04:45,200 --> 00:04:48,160 Speaker 1: that power is free. It gives us so much more resilience, 83 00:04:48,200 --> 00:04:51,800 Speaker 1: I think. Minnesota Senator Tina Smith spoke with our Washington 84 00:04:51,839 --> 00:04:55,200 Speaker 1: corresponded Joe Matthew on Bloomberg Sound On Catch the program 85 00:04:55,200 --> 00:04:58,440 Speaker 1: weekdays at five pm Eastern on Bloomberg Radio. Well, Nathan, 86 00:04:58,440 --> 00:05:00,760 Speaker 1: the list of companies is spending up. Rations are pulling 87 00:05:00,800 --> 00:05:03,039 Speaker 1: out of RuSHA keeps growing. We get the latest live 88 00:05:03,080 --> 00:05:05,720 Speaker 1: from Bloomberg's renit A Young, Good morning, Reni Down, Good 89 00:05:05,720 --> 00:05:09,920 Speaker 1: morning Karen. Iconic brands like Starbucks, Coca Cola, and McDonald's 90 00:05:09,920 --> 00:05:12,640 Speaker 1: are the latest to pull out of Russia. The coffee 91 00:05:12,680 --> 00:05:16,000 Speaker 1: chain's partner in the country is pausing operations and will 92 00:05:16,040 --> 00:05:19,040 Speaker 1: give support to the nearly two thousand partners who depend 93 00:05:19,080 --> 00:05:22,719 Speaker 1: on the company for their livelihood. PayPal is also suspending 94 00:05:22,720 --> 00:05:26,680 Speaker 1: business in Russia, and PepsiCo says it'll suspend soft drink 95 00:05:26,760 --> 00:05:29,839 Speaker 1: sales in the country, but will continue to sell daily 96 00:05:29,960 --> 00:05:33,840 Speaker 1: essentials like baby formula and milk. Live in New York, 97 00:05:33,920 --> 00:05:37,400 Speaker 1: I'm rened a young Bloomberg Daybreak Reneda thanks the Russian 98 00:05:37,480 --> 00:05:40,880 Speaker 1: roubles trading for the first time this week and weakening sharply. 99 00:05:41,279 --> 00:05:44,039 Speaker 1: European equities, meantime are staging a comeback. Let's go to 100 00:05:44,080 --> 00:05:46,359 Speaker 1: London get the very latest life with Bloomberg's U and pots. 101 00:05:46,360 --> 00:05:49,119 Speaker 1: Good morning, Good morning, Nathan and Karen. Plenty of green 102 00:05:49,240 --> 00:05:52,479 Speaker 1: on traders Bloomberg screens today. That's as dip buys ways. 103 00:05:52,520 --> 00:05:56,520 Speaker 1: The global ecomic impact of escalating sanctions is already reflected 104 00:05:56,760 --> 00:06:00,880 Speaker 1: in equity prices. Urostoxy gaining this morning, with banks, tech, 105 00:06:00,960 --> 00:06:04,599 Speaker 1: and travel leisure among the best performing sectors. Something not 106 00:06:04,720 --> 00:06:08,640 Speaker 1: gaining today Russia's rouble. It slumps as much as seven 107 00:06:08,680 --> 00:06:11,640 Speaker 1: point eight percent against the dollar as the onshore market 108 00:06:11,680 --> 00:06:14,760 Speaker 1: resumed in Moscow, giving local traders their first chance this 109 00:06:14,800 --> 00:06:18,480 Speaker 1: week to react to recent negative developments. Live in London, 110 00:06:18,480 --> 00:06:20,880 Speaker 1: i'mum pots back, daybreak, right do and thank you. And 111 00:06:20,920 --> 00:06:24,719 Speaker 1: in Asia, overnight inflation was also in focus. China's factory 112 00:06:24,760 --> 00:06:27,560 Speaker 1: prices eased again in February, although the outlook is deterior. 113 00:06:27,640 --> 00:06:30,960 Speaker 1: Rating of Bloombergy Daybreak Asia anchor Brian Curtis has the details. 114 00:06:31,240 --> 00:06:33,560 Speaker 1: The pp I rose eight point eight percent from a 115 00:06:33,640 --> 00:06:37,360 Speaker 1: year earlier. That's down from nine point one percent in January. 116 00:06:37,560 --> 00:06:40,000 Speaker 1: It did beat the estimate of eight point six percent, 117 00:06:40,120 --> 00:06:43,360 Speaker 1: but the spike in commodity since Russia invaded Ukraine may 118 00:06:43,400 --> 00:06:47,880 Speaker 1: flip these numbers. In March. Meantime, consumer inflation was muted. 119 00:06:48,080 --> 00:06:51,520 Speaker 1: The CPI was unchanged at zero point nine percent, the 120 00:06:51,560 --> 00:06:55,920 Speaker 1: same as economists had projected. Bryan Curtis Bloomberg Daybreak, Okay, Brian, 121 00:06:55,960 --> 00:06:58,280 Speaker 1: thanks right now. Some p futures are up seventy six 122 00:06:58,360 --> 00:07:01,240 Speaker 1: points down futures up five twenty six, Nasdaq futures up 123 00:07:01,240 --> 00:07:05,080 Speaker 1: two two points. Send your treasury down sixteen thirty seconds. 124 00:07:05,120 --> 00:07:09,240 Speaker 1: The yield one point nim X screwed is down two 125 00:07:09,320 --> 00:07:12,640 Speaker 1: point one down two dollars fifty six cents a year 126 00:07:13,040 --> 00:07:16,560 Speaker 1: fourteen cents of barrel. Straight ahead, your latest local headlines. 127 00:07:16,600 --> 00:07:23,840 Speaker 1: In the check of sports. This is Bloomberg's South five 128 00:07:23,880 --> 00:07:26,520 Speaker 1: oh seven on Wall Street, word forty degrees in Central Park. 129 00:07:26,600 --> 00:07:29,320 Speaker 1: Still seeing issues on New Jersey transit after this week's wins. 130 00:07:29,320 --> 00:07:31,120 Speaker 1: We'll get the details on that for you shortly. In 131 00:07:31,120 --> 00:07:33,760 Speaker 1: traffic First, Michael Barr with more on what's going on 132 00:07:33,800 --> 00:07:35,240 Speaker 1: in New York and around the world. Good what do you 133 00:07:35,200 --> 00:07:38,160 Speaker 1: you might call? Good morning, Nathan. New Jersey Democratic Governor 134 00:07:38,200 --> 00:07:41,600 Speaker 1: Phil Murphy has proposed a forty eight point nine billion 135 00:07:41,640 --> 00:07:45,320 Speaker 1: dollar budget. It boosts k through twelve funding, makes a 136 00:07:45,360 --> 00:07:49,000 Speaker 1: full public pension payment for the second straight year, and 137 00:07:49,040 --> 00:07:53,200 Speaker 1: redistributes nearly a billion dollars in property tax relief. Murphy 138 00:07:53,280 --> 00:07:56,360 Speaker 1: unveil the proposal during a speech and the Assembly chamber, 139 00:07:56,800 --> 00:08:00,600 Speaker 1: and I'm proud across our first four years key together 140 00:08:01,280 --> 00:08:04,600 Speaker 1: we cut taxes for our middle class and working families 141 00:08:04,640 --> 00:08:09,520 Speaker 1: and seniors. Fourteen times. New Jersey had better than expected 142 00:08:09,600 --> 00:08:13,520 Speaker 1: sales and income tax collections. Governor Murphy also talked about 143 00:08:13,640 --> 00:08:17,720 Speaker 1: the Russian invasion in Ukraine. Our administration is assessing what 144 00:08:18,000 --> 00:08:21,560 Speaker 1: financial or business exposure we may have to the Russian 145 00:08:21,600 --> 00:08:27,720 Speaker 1: government or Russian owned business interests or securities, including in 146 00:08:27,760 --> 00:08:31,040 Speaker 1: our pension funds. Governor Murphy says the administration will make 147 00:08:31,080 --> 00:08:35,880 Speaker 1: sure state tax payer dollars are not supporting Russian Florida's 148 00:08:35,920 --> 00:08:40,600 Speaker 1: controversial legislation, which affects discussions about sexual orientation and gender 149 00:08:40,640 --> 00:08:43,640 Speaker 1: in public classrooms, is on its way to the Florida 150 00:08:43,679 --> 00:08:48,840 Speaker 1: Governor's desk. LGBTQ advocates dubbed it the Don't Say Gay Bill. 151 00:08:49,160 --> 00:08:53,400 Speaker 1: The Biden administration has denounced the bill as anti LGBTQ. However, 152 00:08:53,760 --> 00:08:57,000 Speaker 1: supporters say the bill would not keep people from talking 153 00:08:57,040 --> 00:09:00,320 Speaker 1: about the issues in classrooms, but change correct a lament 154 00:09:00,480 --> 00:09:03,640 Speaker 1: lessons on it. A Texas man was convicted of storming 155 00:09:03,679 --> 00:09:07,440 Speaker 1: the US capital with a holstered handgun. Jury also convicted 156 00:09:07,520 --> 00:09:10,880 Speaker 1: Guy Refit of interfering with police officers who were guarding 157 00:09:10,920 --> 00:09:14,800 Speaker 1: the capital. On January six, Democrats and Republicans in Congress 158 00:09:14,800 --> 00:09:17,120 Speaker 1: struck a deal on a long delayed one point five 159 00:09:17,160 --> 00:09:20,199 Speaker 1: trillion dollars spending bill that would fund the US government 160 00:09:20,200 --> 00:09:22,920 Speaker 1: through the rest of the fiscal year. It also provides 161 00:09:22,960 --> 00:09:26,360 Speaker 1: thirteen point six billion dollars to respond to Russia's invasion 162 00:09:26,400 --> 00:09:29,680 Speaker 1: of Ukraine. A bipartisan build a reform the US Postal 163 00:09:29,800 --> 00:09:32,960 Speaker 1: Service and give it a much needed financial boost. Easily 164 00:09:33,000 --> 00:09:35,640 Speaker 1: passed the Senate. The House passed it earlier, and the 165 00:09:35,640 --> 00:09:39,400 Speaker 1: bill is now headed to President Biden's desk. Senate Majority 166 00:09:39,480 --> 00:09:43,160 Speaker 1: Leader Chuck Schumer of New York. We passed strong bipartisan legislation. 167 00:09:43,520 --> 00:09:47,160 Speaker 1: It's a win win, win for bipartisanship, for our postal workers, 168 00:09:47,440 --> 00:09:49,760 Speaker 1: and a win for tens of millions of Americans who 169 00:09:49,760 --> 00:09:53,320 Speaker 1: rely on the post Office every day. Schumer. Global News 170 00:09:53,360 --> 00:09:55,840 Speaker 1: twenty four hours a day on air and on Bloomberg 171 00:09:55,960 --> 00:09:59,000 Speaker 1: quick Take, powered by more than twenty seven hundred journalist 172 00:09:59,040 --> 00:10:01,920 Speaker 1: and analysts, more than a for twenty countries. Michael Barron, 173 00:10:02,040 --> 00:10:09,439 Speaker 1: this is Bloomberg, Nathan. Thanks Michael. Come it's a five 174 00:10:09,480 --> 00:10:12,200 Speaker 1: town Wall Street time for the Bloomberg Sports Uptake in morning. Johnston, 175 00:10:12,559 --> 00:10:14,760 Speaker 1: Good morning, Nathan. This comes under the heading of We've 176 00:10:14,800 --> 00:10:18,040 Speaker 1: seen this before, but there is some growing optimism that 177 00:10:18,120 --> 00:10:20,840 Speaker 1: the baseball lockout might be coming to an end. Although 178 00:10:20,880 --> 00:10:23,240 Speaker 1: once before there was a long meeting and it did 179 00:10:23,280 --> 00:10:25,240 Speaker 1: not lead to a new labor deal. The two sides 180 00:10:25,320 --> 00:10:29,480 Speaker 1: just had a seventeen hour bargaining session that lasted until 181 00:10:30,160 --> 00:10:32,200 Speaker 1: just a few hours ago, and they're coming back for 182 00:10:32,280 --> 00:10:35,319 Speaker 1: more today. They not only did not cancel another week's 183 00:10:35,360 --> 00:10:37,400 Speaker 1: worth of regular season games, as they threatened to do, 184 00:10:37,559 --> 00:10:40,720 Speaker 1: but one bargaining chip now used by the owners is 185 00:10:41,120 --> 00:10:44,240 Speaker 1: squeezing in a one hundred and sixty two game season 186 00:10:44,320 --> 00:10:47,440 Speaker 1: playing the games that were canceled the week ago wa 187 00:10:47,520 --> 00:10:51,040 Speaker 1: today in the NFL offseason, First, the Aaron Rodgers resigning 188 00:10:51,160 --> 00:10:53,800 Speaker 1: in Green Bay, ending a year long talk of him 189 00:10:53,880 --> 00:10:57,800 Speaker 1: leaving or retiring. He had about two hundred million reasons 190 00:10:57,800 --> 00:10:59,680 Speaker 1: to stay with the Packers. That's the size of his 191 00:10:59,720 --> 00:11:03,160 Speaker 1: new four year deal with Green Bay. Denver wanted to 192 00:11:03,200 --> 00:11:06,040 Speaker 1: acquire Rodgers in a trade. When that fell through, the 193 00:11:06,080 --> 00:11:10,040 Speaker 1: Broncos traded for Russell Wilson. The Seahawks get three players, 194 00:11:10,080 --> 00:11:13,320 Speaker 1: two first round draft picks, two seconds in return. The 195 00:11:13,320 --> 00:11:17,160 Speaker 1: Broncos have needed a better quarterback ever since Peyton Manning retired. 196 00:11:17,480 --> 00:11:20,439 Speaker 1: The Nets since Charlotte Kyrie Irvan gets to play road games, 197 00:11:20,440 --> 00:11:23,040 Speaker 1: and what a game he did play. In thirty eight minutes, 198 00:11:23,080 --> 00:11:27,720 Speaker 1: Irving scored fifty points. He shot fifteen of nineteen, made 199 00:11:27,840 --> 00:11:31,000 Speaker 1: nine of twelve three pointers, his fifth career fifty point game. 200 00:11:31,040 --> 00:11:33,800 Speaker 1: Thatt's beat the Hornets one thirty two one one. They 201 00:11:33,840 --> 00:11:36,280 Speaker 1: played tomorrow in Philadelphia against their old friend James hard 202 00:11:36,400 --> 00:11:39,600 Speaker 1: Nick's played tonight in Dallas. Rangers lost in Minnesota five 203 00:11:39,640 --> 00:11:43,720 Speaker 1: to two. Devils beat the NHL leading Colorado Avalanche five three. St. 204 00:11:43,800 --> 00:11:46,120 Speaker 1: John's plays to Paul tonight at the biggest tournament at 205 00:11:46,160 --> 00:11:50,280 Speaker 1: the Garden. John Dashwar Bloomberg Sports Nathan Okay, John thanks 206 00:11:50,280 --> 00:11:53,120 Speaker 1: Stocks making a comeback. Right now sp features up seventy 207 00:11:53,120 --> 00:11:56,480 Speaker 1: one point, staff features up five two vansact futures hired 208 00:11:56,480 --> 00:11:58,320 Speaker 1: by two or seventy three points in the ten yere 209 00:11:58,400 --> 00:12:02,080 Speaker 1: down sixteen thirty seconds. The yield one point nine zero percent. 210 00:12:02,320 --> 00:12:09,439 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather. Rain likely 211 00:12:09,480 --> 00:12:11,520 Speaker 1: may be mixed with a little what snow. Upper thirties 212 00:12:11,559 --> 00:12:14,240 Speaker 1: for highs partly Sunday Tomorrow upper forties will be near 213 00:12:14,320 --> 00:12:17,120 Speaker 1: fifty with a mix of sun and clouds and winds. 214 00:12:17,320 --> 00:12:23,960 Speaker 1: Right now forty in Central Park Markets, headlines and breaking 215 00:12:23,960 --> 00:12:26,880 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 216 00:12:27,000 --> 00:12:31,199 Speaker 1: the Bloomberg Business Outland at Bloomberg Quicktape. She's a Bloomberg 217 00:12:31,320 --> 00:12:40,480 Speaker 1: Business lash, but I'm Karen Moscow US dot Index futures 218 00:12:40,480 --> 00:12:44,160 Speaker 1: and European shares are extending gains as dip buyers wager 219 00:12:44,200 --> 00:12:47,640 Speaker 1: the global economic impact of escalating sanctions on Russia is 220 00:12:47,679 --> 00:12:50,800 Speaker 1: already reflected in market prices. We check the markets every 221 00:12:50,840 --> 00:12:53,880 Speaker 1: fifteen minutes throughout the trading day. On bloomberg S and 222 00:12:53,960 --> 00:12:57,120 Speaker 1: P futures are up more than seventy points down, futures 223 00:12:57,120 --> 00:13:00,920 Speaker 1: of four eighty five, Nastack futures up two hundred sixty 224 00:13:01,000 --> 00:13:04,360 Speaker 1: three or two percent. The docks in Germany is up 225 00:13:04,360 --> 00:13:07,160 Speaker 1: five point one percent, the cack in Paris at four 226 00:13:07,200 --> 00:13:09,520 Speaker 1: point nine percent of the foot see one hundred up 227 00:13:09,520 --> 00:13:12,720 Speaker 1: two point two per set ten. Your treasury down sixteen 228 00:13:12,800 --> 00:13:15,760 Speaker 1: thirty seconds. He had one point nine zero percent. They 229 00:13:15,840 --> 00:13:18,280 Speaker 1: yield on the two year one point six five percent. 230 00:13:18,760 --> 00:13:21,800 Speaker 1: Nine x Scrude oil moving lower down one point one percent, 231 00:13:21,880 --> 00:13:23,920 Speaker 1: down a dollar forty two and a hundred twenty two 232 00:13:23,960 --> 00:13:27,160 Speaker 1: dollars thirty cents of barrel comes. Gold is down one 233 00:13:27,200 --> 00:13:30,200 Speaker 1: point two percent on twenty four dollars thirty cents at 234 00:13:30,240 --> 00:13:33,640 Speaker 1: two thousand nineteen dollars announced. The euro one point oh 235 00:13:33,720 --> 00:13:36,400 Speaker 1: nine eight zero against the dollar, the British pound one 236 00:13:36,400 --> 00:13:39,480 Speaker 1: point three one six three the end at one fifteen 237 00:13:39,480 --> 00:13:43,440 Speaker 1: point eight five and Bitcoin this morning moving higher at 238 00:13:43,480 --> 00:13:47,439 Speaker 1: more than nine percent at forty two thousand, one hundred dollars. Today, 239 00:13:47,480 --> 00:13:49,800 Speaker 1: we are looking for the Jolts jobs report at at 240 00:13:49,800 --> 00:13:53,360 Speaker 1: ten o'clock Wall Street Time. That's a Bloomberg business flash. 241 00:13:53,400 --> 00:13:55,720 Speaker 1: Now here's Michael Barr with more on what's going on 242 00:13:55,800 --> 00:13:59,480 Speaker 1: around the world. Michael, good morning, Good morning, Karen. Ukraine's 243 00:13:59,520 --> 00:14:03,840 Speaker 1: deputy prime minister says Russia agreed to open humanitarian corridors 244 00:14:03,960 --> 00:14:06,319 Speaker 1: in parts of the country for twelve hours to allow 245 00:14:06,360 --> 00:14:10,320 Speaker 1: civilians to escape from several cities. It comes as the 246 00:14:10,400 --> 00:14:15,199 Speaker 1: US warn that Russian forces were intensifying their bombardment of Kiev. 247 00:14:15,800 --> 00:14:19,040 Speaker 1: The Pentagon says Poland's offered to give its mid twenty 248 00:14:19,080 --> 00:14:22,080 Speaker 1: nine fighter jets to the US so they can be 249 00:14:22,160 --> 00:14:26,120 Speaker 1: passed to Ukraine raises serious concerns for the NATO alliance 250 00:14:26,480 --> 00:14:29,960 Speaker 1: and the plan is not a tenable one. Pentagon spokesman 251 00:14:30,160 --> 00:14:33,760 Speaker 1: John Kirby said that the prospect of jets departing from 252 00:14:33,760 --> 00:14:35,960 Speaker 1: a U S NATO based in Germany to fly into 253 00:14:36,040 --> 00:14:40,520 Speaker 1: airspace contested with Russia in the Ukraine War is concerning. 254 00:14:41,120 --> 00:14:43,640 Speaker 1: U AND officials say two million people have fled Ukraine 255 00:14:43,840 --> 00:14:47,440 Speaker 1: in the two weeks since Russia's invasion, as the humanitarian 256 00:14:47,520 --> 00:14:52,240 Speaker 1: situation in the country's besieged cities has grown worse. In mirror, 257 00:14:52,320 --> 00:14:56,160 Speaker 1: pole bodies lay uncollected in the streets, and hopes for 258 00:14:56,280 --> 00:15:01,360 Speaker 1: a mass evacuation of civilians were dashed again. Global News 259 00:15:01,360 --> 00:15:04,080 Speaker 1: twenty four hours a day on air and on Bloomberg 260 00:15:04,160 --> 00:15:06,880 Speaker 1: Quick Take, powered by more than twenty seven hundred journalists 261 00:15:06,880 --> 00:15:09,720 Speaker 1: and antilists more than a hundred twenty countries. Michael Barr 262 00:15:09,760 --> 00:15:13,080 Speaker 1: and this is Bloomberg. Thanks Michael. It's five twenty on 263 00:15:13,120 --> 00:15:16,200 Speaker 1: Wall Street Line from the Bloomberg Interactive Brokers studios. This 264 00:15:16,400 --> 00:15:18,880 Speaker 1: is Bloomberg Daybreak and we're joined now from our Paris 265 00:15:18,960 --> 00:15:21,200 Speaker 1: bureau this morning by Bloomberg's Maria today I as we 266 00:15:21,240 --> 00:15:24,360 Speaker 1: continue tracking the latest on the war in Ukraine. Maria, 267 00:15:24,400 --> 00:15:26,320 Speaker 1: good morning, get us up to speed on developments from 268 00:15:26,360 --> 00:15:29,880 Speaker 1: where you said, well, you know, this is day four 269 00:15:29,920 --> 00:15:33,320 Speaker 1: teens of this war which continues uh to drag on, 270 00:15:33,400 --> 00:15:35,520 Speaker 1: and of course it's it's it's it's heartbreaking for the 271 00:15:35,520 --> 00:15:37,880 Speaker 1: people of Ukrainian it's a very difficult situation. But the 272 00:15:37,960 --> 00:15:42,080 Speaker 1: goal now is to de escalate attentions. Today, we had 273 00:15:42,120 --> 00:15:46,040 Speaker 1: a briefing from the Russian Foreign Minister who said and suggested, 274 00:15:46,160 --> 00:15:49,080 Speaker 1: which to me is very interesting to say the least, 275 00:15:49,400 --> 00:15:52,800 Speaker 1: the Russia has no intention of taking over the Ukrainian government. 276 00:15:52,920 --> 00:15:55,640 Speaker 1: The Russia does not want to occupy Ukraine, and then 277 00:15:55,680 --> 00:15:59,000 Speaker 1: also says, we would achieve results in a peaceful way, 278 00:15:59,200 --> 00:16:01,880 Speaker 1: and it would be that if we achieve this result 279 00:16:02,200 --> 00:16:05,480 Speaker 1: in a way that is diplomatic. Now, to me, it 280 00:16:05,600 --> 00:16:08,480 Speaker 1: is telling because it does signal a shift in tone 281 00:16:08,640 --> 00:16:11,760 Speaker 1: from the Russians. Uh they openly now say they don't 282 00:16:11,800 --> 00:16:14,160 Speaker 1: want to get rid of President Zelinski. In many ways, 283 00:16:14,320 --> 00:16:17,200 Speaker 1: what they're stating now is the obvious persident Lansky has 284 00:16:17,200 --> 00:16:20,480 Speaker 1: become an icon for the people of Ukraine and occupation 285 00:16:20,680 --> 00:16:23,520 Speaker 1: would not be feasible. We've seen active resistance from the 286 00:16:23,560 --> 00:16:26,280 Speaker 1: people of Ukraine. But what is interesting is that they 287 00:16:26,320 --> 00:16:29,520 Speaker 1: bring up again this element of let's have a dialogue, 288 00:16:29,600 --> 00:16:32,240 Speaker 1: let's have a negotiation on the table, which is different 289 00:16:32,280 --> 00:16:34,920 Speaker 1: to Vladimir Putin said a week ago in which she 290 00:16:35,040 --> 00:16:38,120 Speaker 1: talked about a government of drug addicts and Nazis, and 291 00:16:38,200 --> 00:16:40,640 Speaker 1: he repeated ten times in the speech, we have to 292 00:16:40,760 --> 00:16:44,840 Speaker 1: de natify Ukraine. Are we hearing a corresponding shift in 293 00:16:44,880 --> 00:16:48,600 Speaker 1: tone from Ukrainian leaders. We had that speech yesterday, the 294 00:16:48,720 --> 00:16:53,360 Speaker 1: historic speech in the House of Comments from Ukrainian President Zelinski. Look, 295 00:16:53,480 --> 00:16:56,240 Speaker 1: the way that they frame it is that, uh. There's 296 00:16:56,280 --> 00:16:59,520 Speaker 1: a number of things here. One is Lensky has made 297 00:16:59,520 --> 00:17:02,040 Speaker 1: it clear until now that he has no intention of 298 00:17:02,160 --> 00:17:04,800 Speaker 1: leaving the country. And as I said before, he really 299 00:17:04,840 --> 00:17:08,359 Speaker 1: has become this uh, this icon in the country for unity, 300 00:17:08,400 --> 00:17:11,000 Speaker 1: for resisting and so on, and he's had a very 301 00:17:11,040 --> 00:17:15,479 Speaker 1: successful media campaign. Ultimately, this is a face that everyone 302 00:17:15,520 --> 00:17:18,199 Speaker 1: in Europe now recognizes. Uh. And we're talking about five 303 00:17:18,280 --> 00:17:21,840 Speaker 1: hundred million people. Of course, when you look at the 304 00:17:21,880 --> 00:17:26,480 Speaker 1: political way out of this, Ukraine has changed its language 305 00:17:26,520 --> 00:17:29,040 Speaker 1: on on NATO yesterday, it does seem that they said, 306 00:17:29,080 --> 00:17:30,639 Speaker 1: you know, we wouldn't want to double down on this. 307 00:17:30,760 --> 00:17:33,159 Speaker 1: A lot of this response to or would respond to 308 00:17:33,280 --> 00:17:37,160 Speaker 1: some disappointment. The Ukraine has pekin NATO decided not to 309 00:17:37,200 --> 00:17:41,080 Speaker 1: close their airspace UH NATO again with weapons delivery. They 310 00:17:41,119 --> 00:17:43,239 Speaker 1: feel like this could have been done faster. So this 311 00:17:43,280 --> 00:17:46,040 Speaker 1: is politically a way out that he could up for. Then, 312 00:17:46,080 --> 00:17:48,200 Speaker 1: when it comes to the membership of the European Union, 313 00:17:48,240 --> 00:17:51,960 Speaker 1: which he has applied for and tomorrow European leaders will debate. Well, 314 00:17:51,960 --> 00:17:54,960 Speaker 1: that is more complicated because Ukraine has it in its 315 00:17:55,000 --> 00:17:57,520 Speaker 1: constitution that it wants to join the European Union and 316 00:17:57,600 --> 00:18:01,400 Speaker 1: ultimately it's aspiration would be to enter the EU. So 317 00:18:02,240 --> 00:18:05,160 Speaker 1: you know, there could be ways out for this diplomatically, 318 00:18:05,280 --> 00:18:08,520 Speaker 1: but the question is what is he willing to accept? Well, 319 00:18:08,520 --> 00:18:10,520 Speaker 1: what are we expecting further from the meetings that are 320 00:18:10,560 --> 00:18:13,399 Speaker 1: going to be happening in Paris this week, you leaders, 321 00:18:13,440 --> 00:18:16,359 Speaker 1: as you mentioned our meeting, what are the expectations coming 322 00:18:16,359 --> 00:18:19,280 Speaker 1: out of that. Well, look, it's it's a two day 323 00:18:19,280 --> 00:18:22,800 Speaker 1: meeting that starts tomorrow. Of course, there's going to be 324 00:18:22,920 --> 00:18:26,800 Speaker 1: a debate on sanctions on Russia. Yesterday, as you know, 325 00:18:26,840 --> 00:18:30,160 Speaker 1: the United States banned oil imports for the Europeans. Well, 326 00:18:30,200 --> 00:18:32,080 Speaker 1: this is something they are not in opposition to do 327 00:18:32,600 --> 00:18:34,760 Speaker 1: just yet. They said they want to cut down reliance 328 00:18:34,800 --> 00:18:37,480 Speaker 1: on Russian gas, but it cannot be done overnight. That 329 00:18:37,600 --> 00:18:40,560 Speaker 1: is a big difference, uh here compared to the United States. 330 00:18:40,640 --> 00:18:44,040 Speaker 1: The transactional value of their relationship is much bigger between 331 00:18:44,240 --> 00:18:47,159 Speaker 1: Russia and the EU, particularly countries like Germany. And there 332 00:18:47,160 --> 00:18:50,159 Speaker 1: will also be a debate about the future of Ukraine 333 00:18:50,200 --> 00:18:53,800 Speaker 1: again going back to this petition from the Ukrainian president 334 00:18:54,040 --> 00:18:57,439 Speaker 1: to be taken seriously as a candidate for the European Union. 335 00:18:57,760 --> 00:19:00,560 Speaker 1: All right, Bloomberg's Maria today or whether this warning from 336 00:19:00,600 --> 00:19:02,800 Speaker 1: Paris where those meetings with the EU leaders will be 337 00:19:03,160 --> 00:19:06,800 Speaker 1: happening in Versailles, France starting tomorrow, two day meeting that 338 00:19:06,840 --> 00:19:10,840 Speaker 1: will be very closely watched as we continue monitoring developments 339 00:19:10,840 --> 00:19:14,440 Speaker 1: in the war in Ukraine. Now in today fourteen, looking 340 00:19:14,480 --> 00:19:17,360 Speaker 1: ahead to the market open this morning, seeing a bit 341 00:19:17,359 --> 00:19:21,760 Speaker 1: of a rally for stocks this morning, and Brent crude 342 00:19:21,880 --> 00:19:24,959 Speaker 1: is starting to fall as well. We have SMP futures 343 00:19:25,040 --> 00:19:27,320 Speaker 1: right now of sixty seven points down, futures of four 344 00:19:27,359 --> 00:19:30,760 Speaker 1: hundred fifty five, NASTAC futures are higher by two hundred 345 00:19:30,800 --> 00:19:34,360 Speaker 1: sixty four points. The rally is a huge for stocks 346 00:19:34,400 --> 00:19:36,520 Speaker 1: in Europe right now. The decks in Germany up four 347 00:19:36,600 --> 00:19:39,000 Speaker 1: point nine percent and the CAC in Paris is higher 348 00:19:39,240 --> 00:19:41,680 Speaker 1: by four and two thirds percent. The ten year treasury 349 00:19:41,760 --> 00:19:44,600 Speaker 1: is down seventeen thirty seconds, the yield one point nine 350 00:19:44,680 --> 00:19:47,200 Speaker 1: zero percent, yield on the two year one point six five. 351 00:19:47,520 --> 00:19:50,440 Speaker 1: As I mentioned, crude is falling now. We have Brent 352 00:19:50,480 --> 00:19:52,840 Speaker 1: crude down one percent at a hundred twenty six dollars 353 00:19:52,880 --> 00:19:55,679 Speaker 1: sixty eight cents of barrel. Nimex crude is at one 354 00:19:56,119 --> 00:19:58,960 Speaker 1: two dollars eight cents. That is a drop of one 355 00:19:59,000 --> 00:20:08,560 Speaker 1: point three percent. You're listening to Bloomberg Daybreak Blomber eleven 356 00:20:08,600 --> 00:20:11,080 Speaker 1: three oh weather rain possibly mixed with some wet snow, 357 00:20:11,200 --> 00:20:13,600 Speaker 1: especially north and west of the city. Upper thirties today, 358 00:20:13,640 --> 00:20:15,760 Speaker 1: will be in the upper forties tomorrow. The high your 359 00:20:15,800 --> 00:20:18,800 Speaker 1: fifty on Friday. It's gonna be windy right now, forty 360 00:20:18,840 --> 00:20:25,359 Speaker 1: in Central Park. Broadcasting live from the Bloomberg Interactive Broker 361 00:20:25,480 --> 00:20:28,880 Speaker 1: Studio in New York. Bloomberg E living free to Washington, 362 00:20:28,960 --> 00:20:33,040 Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one 363 00:20:33,160 --> 00:20:37,040 Speaker 1: to San Francisco, Bloomberg sixty to the country Sirius XM 364 00:20:37,200 --> 00:20:39,960 Speaker 1: had A one nineteen and around the globe, the Bloomberg 365 00:20:39,960 --> 00:20:44,440 Speaker 1: Business app and Bloomberg Radio dot Com. This is Bloomberg Daybreak. 366 00:20:50,240 --> 00:20:52,240 Speaker 1: It's five thirty on Wall Street. Good morning. I'm Nathan 367 00:20:52,280 --> 00:20:55,200 Speaker 1: Hager and I'm Karen Moscow. We're just about four hours 368 00:20:55,240 --> 00:20:57,359 Speaker 1: away from the open of US trading. Let's get you 369 00:20:57,400 --> 00:20:58,639 Speaker 1: up to date on the news you need to know 370 00:20:58,680 --> 00:21:01,520 Speaker 1: at this shower. Beginning with the war in Ukraine, the 371 00:21:01,640 --> 00:21:04,760 Speaker 1: U says Russian forces are intensifying their strikes in a 372 00:21:04,800 --> 00:21:09,000 Speaker 1: capital city of Kiev. Ukrainian President Voladimir z Lensky says 373 00:21:09,040 --> 00:21:12,960 Speaker 1: his military will continue to defend their land. We will 374 00:21:12,960 --> 00:21:15,680 Speaker 1: not give up, We will not lose. We will fight 375 00:21:15,800 --> 00:21:19,040 Speaker 1: till the end, at sea, in the air. We will 376 00:21:19,040 --> 00:21:22,680 Speaker 1: continue fighting for our land whatever the cost. We will 377 00:21:22,720 --> 00:21:25,639 Speaker 1: fight in the forests, in the field, on the shores, 378 00:21:26,200 --> 00:21:29,280 Speaker 1: in the streets. President Zelenski says he will stay in 379 00:21:29,400 --> 00:21:31,840 Speaker 1: Kiev as long as is necessary to win the war. 380 00:21:32,200 --> 00:21:34,879 Speaker 1: By here in the US, karen you. President Joe Biden 381 00:21:34,920 --> 00:21:38,159 Speaker 1: announced plans to curb rush and oil imports. This is 382 00:21:38,200 --> 00:21:41,240 Speaker 1: a step that we're taking to inflict further pain on Putin, 383 00:21:41,920 --> 00:21:43,920 Speaker 1: but there will be cost as well here in the 384 00:21:44,000 --> 00:21:46,280 Speaker 1: United States. I said I would level with the American 385 00:21:46,320 --> 00:21:49,199 Speaker 1: people from the beginning, and when I first spoke to this, 386 00:21:49,320 --> 00:21:52,480 Speaker 1: I said, defending freedom is gonna cost. It's gonna cost 387 00:21:52,600 --> 00:21:55,800 Speaker 1: us as well. Democrats in the House unveiled legislation to 388 00:21:55,840 --> 00:21:58,200 Speaker 1: ban imports of Russian oil and vote on that. Measures 389 00:21:58,240 --> 00:22:01,520 Speaker 1: expected today. Checking prices now they're actually moving lower, with 390 00:22:01,600 --> 00:22:03,600 Speaker 1: nine ex crewed down one point nine percent or two 391 00:22:03,600 --> 00:22:05,560 Speaker 1: dollars twenty four cents and a hundred twenty one dollar 392 00:22:05,680 --> 00:22:08,679 Speaker 1: forty six cents of barrel. Brent Is down one a 393 00:22:08,720 --> 00:22:11,840 Speaker 1: hundred twenty six dollars twelve cents. Well, Nathan. The list 394 00:22:11,840 --> 00:22:15,360 Speaker 1: of companies suspending operations are pulling out of Russia keeps growing. 395 00:22:15,359 --> 00:22:17,639 Speaker 1: We get the latest live from Bloomberg's rened a Young 396 00:22:17,680 --> 00:22:22,000 Speaker 1: good morning, Good morning, Karen. Iconic brands like Starbucks, Coca Cola, 397 00:22:22,160 --> 00:22:25,120 Speaker 1: and McDonald's are the latest to pull out of Russia. 398 00:22:25,440 --> 00:22:28,840 Speaker 1: The coffee chain's partner in the country is pausing operations, 399 00:22:29,040 --> 00:22:32,080 Speaker 1: and we'll give support to the nearly two thousand partners 400 00:22:32,119 --> 00:22:35,680 Speaker 1: who depend on the company for their livelihood. PayPal is 401 00:22:35,680 --> 00:22:39,160 Speaker 1: also suspending business in Russia, and PepsiCo said it will 402 00:22:39,200 --> 00:22:42,240 Speaker 1: stop soft drink sales in the country, but will continue 403 00:22:42,240 --> 00:22:46,160 Speaker 1: to sell daily essentials like baby formula and milk. Live 404 00:22:46,240 --> 00:22:48,800 Speaker 1: in New York. I'm gonna need a Young Bloomberg daybreak. Okay, 405 00:22:48,880 --> 00:22:51,879 Speaker 1: we need to thanks. The Russian rubles weakening sharply this morning. 406 00:22:51,920 --> 00:22:54,240 Speaker 1: Before the war, it was trading around eighty per dollar. 407 00:22:54,359 --> 00:22:56,400 Speaker 1: Right now, it's weakened more than a hundred thirty five 408 00:22:56,440 --> 00:22:59,800 Speaker 1: per dollar. Well, Nathan, bitcoin is surging. It's jumped above 409 00:23:00,000 --> 00:23:02,960 Speaker 1: prety two thousand thanks to optimism about a US overhaul 410 00:23:03,000 --> 00:23:06,920 Speaker 1: of crypto oversight. Treasury Secretary Jenny Yellen calls an upcoming 411 00:23:06,960 --> 00:23:10,600 Speaker 1: executive order from the White House quote historic. She says 412 00:23:10,640 --> 00:23:13,720 Speaker 1: it strikes the right balance between fostering innovation and addressing 413 00:23:13,760 --> 00:23:17,400 Speaker 1: potential risk tide to cryptocurrencies and checking Bitcoin right now 414 00:23:17,520 --> 00:23:21,000 Speaker 1: is at forty two thousand nine. Make that forty two thousand, 415 00:23:21,080 --> 00:23:23,960 Speaker 1: ninety six dollars a programming note for today and join 416 00:23:24,080 --> 00:23:26,239 Speaker 1: us about three hours from now for a conversation with 417 00:23:26,280 --> 00:23:29,040 Speaker 1: Bill Gross, the former Bond Titan, sits down for an 418 00:23:29,080 --> 00:23:32,159 Speaker 1: interview on Bloomberg surveillance. Coming up at eight thirty am 419 00:23:32,240 --> 00:23:39,080 Speaker 1: Wall Street time. This is Bloomberg Daybreak, and it's now 420 00:23:39,119 --> 00:23:41,520 Speaker 1: five thirty three on Wall Street where at forty degrees 421 00:23:41,600 --> 00:23:44,080 Speaker 1: in Central Park. We'll tell you more about the lingering 422 00:23:44,200 --> 00:23:47,240 Speaker 1: problems for New Jersey Transit a few minutes first, Michael 423 00:23:47,240 --> 00:23:48,719 Speaker 1: Bars here with what else is going on in New 424 00:23:48,760 --> 00:23:51,119 Speaker 1: York and around the world. Michael, thank you very much. Nathan. 425 00:23:51,119 --> 00:23:54,160 Speaker 1: New Jersey Governor Phil Murphy has proposed a forty eight 426 00:23:54,160 --> 00:23:57,280 Speaker 1: point nine billion dollar budget at booze K through twelve. 427 00:23:57,359 --> 00:24:01,280 Speaker 1: Funding redistributes nearly a billion dollars in property tax relief 428 00:24:01,480 --> 00:24:04,640 Speaker 1: and raises overall spending by about five percent over last 429 00:24:04,720 --> 00:24:07,960 Speaker 1: year's plan. Murphy spoke in the Assembly chamber the first 430 00:24:07,960 --> 00:24:11,480 Speaker 1: time since the COVID pandemic, we've been able to provide 431 00:24:11,520 --> 00:24:16,760 Speaker 1: more relief and better opportunities for everybody else. We've been 432 00:24:16,800 --> 00:24:20,440 Speaker 1: able to better support our public schools. We've been able 433 00:24:20,480 --> 00:24:24,320 Speaker 1: to meet our full annual pension obligation. Governor Murphy also 434 00:24:24,359 --> 00:24:27,280 Speaker 1: talked about the war in Ukraine. We will take whatever 435 00:24:27,359 --> 00:24:32,200 Speaker 1: actions are needed to ensure New Jersey taxpayer dollars are 436 00:24:32,240 --> 00:24:37,440 Speaker 1: not supporting Putin's unlawful invasion of Ukraine. Murphy says they 437 00:24:37,480 --> 00:24:39,879 Speaker 1: will take a look to see whether there are any 438 00:24:40,000 --> 00:24:43,880 Speaker 1: Russian owned entities in their pension fund. Florida's Parental Rights 439 00:24:43,880 --> 00:24:46,520 Speaker 1: and Education Bill has passed and the state Senate, and 440 00:24:46,520 --> 00:24:49,400 Speaker 1: the governor says he will sign it. The bill has 441 00:24:49,440 --> 00:24:53,480 Speaker 1: been dubbed but Don't Say Gay Bill by lgbt Q activists, 442 00:24:53,480 --> 00:24:57,960 Speaker 1: which says lessons on quote sexual orientation or gender identity 443 00:24:58,080 --> 00:25:01,680 Speaker 1: may not occur in kindergarten through grade three. The first 444 00:25:01,720 --> 00:25:04,080 Speaker 1: person to go on trial over charges stemming from the 445 00:25:04,119 --> 00:25:08,560 Speaker 1: January sixth riot was found guilty of obstruction of Congress 446 00:25:08,600 --> 00:25:12,199 Speaker 1: and other counts Texas Militia Group member Guy Raffitt, who 447 00:25:12,280 --> 00:25:14,960 Speaker 1: was convicted of all five counts brought against him in 448 00:25:15,000 --> 00:25:19,280 Speaker 1: Washington following a six day trial. Raffit's wife, Nicole, claims 449 00:25:19,320 --> 00:25:22,120 Speaker 1: the trial was just a way to scare others who 450 00:25:22,119 --> 00:25:30,160 Speaker 1: stormed the Capitol Guy, and that to intimidate the other 451 00:25:30,280 --> 00:25:34,280 Speaker 1: members of the one sixers will all fight together. The 452 00:25:34,359 --> 00:25:38,240 Speaker 1: jury deliberated for less than four hours. Democrats and Republicans 453 00:25:38,240 --> 00:25:40,560 Speaker 1: in Congress struck a deal on a long delayed one 454 00:25:40,560 --> 00:25:43,359 Speaker 1: point five trillion dollars spending bill that would fund the 455 00:25:43,440 --> 00:25:45,639 Speaker 1: US government through the rest of the fiscal year and 456 00:25:45,680 --> 00:25:49,240 Speaker 1: provide thirteen point six billion dollars to respond to Russia's 457 00:25:49,240 --> 00:25:52,360 Speaker 1: invasion of Ukraine. Global News twenty four hours a day 458 00:25:52,359 --> 00:25:54,920 Speaker 1: on air and on Bloomberg Quick Tank, powered by more 459 00:25:54,920 --> 00:25:57,240 Speaker 1: than twenty seven hundred journalists and analysts more than a 460 00:25:57,280 --> 00:26:01,440 Speaker 1: hundred twenty countries. Michael Barr, this is Bloomberg. Thanks Michael 461 00:26:06,560 --> 00:26:08,680 Speaker 1: wall Street. Time for the Bloomberg Sports Update with John 462 00:26:09,359 --> 00:26:11,840 Speaker 1: Thanks Nature. Today is a big day in the baseball lockout. 463 00:26:11,880 --> 00:26:14,840 Speaker 1: Either it ends and they'll play VAUL, or another week's 464 00:26:14,880 --> 00:26:17,119 Speaker 1: worth of regular season games will be canceled and the 465 00:26:17,119 --> 00:26:19,480 Speaker 1: owners will have to take off. That's able a concession 466 00:26:19,520 --> 00:26:22,680 Speaker 1: they made yesterday that they'll play the games that they 467 00:26:22,760 --> 00:26:25,360 Speaker 1: canceled a week ago. The two sides began a bargaining 468 00:26:25,359 --> 00:26:29,920 Speaker 1: session at ten yesterday morning. It went until three this morning, 469 00:26:30,359 --> 00:26:32,840 Speaker 1: and they'll be back for more talks today. Aaron Rodgers 470 00:26:32,840 --> 00:26:35,240 Speaker 1: staying in Green Bay, but Russell Wilson on the move. 471 00:26:35,720 --> 00:26:38,000 Speaker 1: Quite a day in the NFL offseason. Rogers said he 472 00:26:38,080 --> 00:26:41,240 Speaker 1: was unhappy in Green Bay, not anymore. New four years, 473 00:26:41,240 --> 00:26:43,520 Speaker 1: two hundred million dollar deal for the m v P 474 00:26:43,960 --> 00:26:46,320 Speaker 1: of the last two seasons. He's not only the NFL's 475 00:26:46,359 --> 00:26:49,080 Speaker 1: highest paid player, he gets to keep his star wide 476 00:26:49,080 --> 00:26:53,000 Speaker 1: Outavante Adams got the franchise. Tad Wilson, unhappy with the 477 00:26:53,040 --> 00:26:56,440 Speaker 1: team's decline in Seattle, traded to Denver. The Seahawks get 478 00:26:56,440 --> 00:26:59,040 Speaker 1: three players in a boat, go to draft picks. Wilson 479 00:26:59,119 --> 00:27:01,920 Speaker 1: QB the seahaw for eleven years, took them to two 480 00:27:02,000 --> 00:27:05,720 Speaker 1: Super Bowls, one Championship. Only two backcourt players in NBA 481 00:27:05,840 --> 00:27:08,840 Speaker 1: history have scored fifty points while making seventy five percent 482 00:27:08,880 --> 00:27:12,080 Speaker 1: of their shots, Michael Jordan's and Kyrie Irving last night 483 00:27:12,080 --> 00:27:14,520 Speaker 1: and Charlotte the team that Jordan Olans Irving went for 484 00:27:14,640 --> 00:27:17,760 Speaker 1: fifty shot fifteen of nineteen. The next week, the Hornets 485 00:27:17,800 --> 00:27:19,800 Speaker 1: one thirty two once one to get back to five. 486 00:27:20,040 --> 00:27:22,920 Speaker 1: Dred Rangers lost in Minnesota five to two. The Devil's 487 00:27:22,960 --> 00:27:26,640 Speaker 1: beat Colorado five free. Northeast Conference Final did not go 488 00:27:26,800 --> 00:27:31,119 Speaker 1: well for Wagner trailed Bryant thirty six to six and 489 00:27:31,240 --> 00:27:33,280 Speaker 1: lost seventy to forty three, and there was a long 490 00:27:33,320 --> 00:27:36,000 Speaker 1: delay late in the game. A nasty fight broke out 491 00:27:36,000 --> 00:27:38,880 Speaker 1: of the stands. Season over for Manhattan lost the Matt 492 00:27:38,960 --> 00:27:41,159 Speaker 1: Turney I Own a Place to Night. Big East Tournament 493 00:27:41,200 --> 00:27:43,800 Speaker 1: starts at the Garden. St. John's will play the Paul 494 00:27:43,960 --> 00:27:47,240 Speaker 1: John Stash Ellen Boomberg Spurt, Thank you John. It's five 495 00:27:47,320 --> 00:27:49,320 Speaker 1: thirty seven on Wall Street time for the Tri State 496 00:27:49,359 --> 00:27:52,680 Speaker 1: Business Report Years Bloomberg's ed Corey. New York City Mayor 497 00:27:52,800 --> 00:27:55,600 Speaker 1: Eric Adams embarked on the campaign this week to highlight 498 00:27:55,680 --> 00:27:59,160 Speaker 1: the city's rolled back COVID nineteen restrictions two years after 499 00:27:59,240 --> 00:28:01,600 Speaker 1: COVID shut down on the city. Adams is trying to 500 00:28:01,640 --> 00:28:04,959 Speaker 1: restore New York's formerly thriving office culture and its standards 501 00:28:05,000 --> 00:28:08,760 Speaker 1: as a beacon for travelers. With companies increasingly setting firm 502 00:28:08,800 --> 00:28:12,399 Speaker 1: office return dates, sales at Prette de Mon stores on 503 00:28:12,480 --> 00:28:16,720 Speaker 1: Wall Street approached the pandemic high last week. Bloomberg's Prett 504 00:28:16,800 --> 00:28:21,399 Speaker 1: Index shows transactions were fifty of pre pandemic levels in 505 00:28:21,440 --> 00:28:24,640 Speaker 1: the cluster that includes the financial District. That's a fractional 506 00:28:24,680 --> 00:28:27,359 Speaker 1: lower than the fifty six percent record set in October. 507 00:28:28,200 --> 00:28:31,679 Speaker 1: Governor Phil Murphy once New Jersey's public pension fund to 508 00:28:31,840 --> 00:28:35,720 Speaker 1: meet its minimum contribution requirement for a second straight year. 509 00:28:36,240 --> 00:28:38,640 Speaker 1: Murphy will include a proposal to make a six point 510 00:28:38,640 --> 00:28:42,600 Speaker 1: eight billion dollar payment in his annual state spending plan. Tuesday. 511 00:28:42,880 --> 00:28:46,280 Speaker 1: That you Bloomberg Try State Business Report. I'm Ed Corey. 512 00:28:46,400 --> 00:28:49,120 Speaker 1: Thanks that it's eight on Wall Street. Bloomberg Radio is 513 00:28:49,120 --> 00:28:51,400 Speaker 1: on the air from San Francisco to New York, London 514 00:28:51,440 --> 00:28:53,440 Speaker 1: to Hong Kong. Let's check in with our global news 515 00:28:53,480 --> 00:28:55,160 Speaker 1: team for some of the top stories heard on our 516 00:28:55,200 --> 00:29:01,080 Speaker 1: three hundred affiliate radio stations around the world. I'm Steve 517 00:29:01,160 --> 00:29:04,000 Speaker 1: Potaskan on ten ten Wins in New York. We're talking 518 00:29:04,040 --> 00:29:07,400 Speaker 1: about a new survey that finds inflation is hitting most 519 00:29:07,440 --> 00:29:11,360 Speaker 1: Americans right the Walling On, Tonie Donahoe on w h 520 00:29:11,360 --> 00:29:14,400 Speaker 1: A S and Louisville. Toyota will review its production plans 521 00:29:14,440 --> 00:29:18,960 Speaker 1: as global disruptions Philop. I'm Genus Ervettian for w BDM 522 00:29:18,960 --> 00:29:22,320 Speaker 1: in Chicago. I'm reporting that McDonald's is closing its restaurants 523 00:29:22,320 --> 00:29:25,120 Speaker 1: in Russia for now, but we'll continue to pay its 524 00:29:25,160 --> 00:29:29,040 Speaker 1: employees there. I'm Caroline Head bloom a dab Dishobgo in London. 525 00:29:29,080 --> 00:29:31,040 Speaker 1: Were the first on the Bank of England as trade 526 00:29:31,080 --> 00:29:33,160 Speaker 1: has priced in more than a hundred basis points of 527 00:29:33,200 --> 00:29:35,720 Speaker 1: great heights by June and niece of Wounds of a 528 00:29:35,880 --> 00:29:39,640 Speaker 1: UK Sessions. I'm Ed Gory on w w J in Detroit. 529 00:29:39,880 --> 00:29:43,760 Speaker 1: I'm reporting Electric Last Mile Solutions plans for layoff about 530 00:29:43,800 --> 00:29:46,760 Speaker 1: a quarter of its total headcount. And those are some 531 00:29:46,800 --> 00:29:49,560 Speaker 1: of the stories our twenty seven hundred Bloomberg journalists and 532 00:29:49,560 --> 00:29:51,640 Speaker 1: analysts are working on this morning around the world. It's 533 00:29:51,680 --> 00:29:54,120 Speaker 1: five thirty nine on Wall Street. The following is an 534 00:29:54,240 --> 00:29:58,720 Speaker 1: editorial from Bloomberg Opinion. President Biden's announcement that the US 535 00:29:58,800 --> 00:30:02,800 Speaker 1: will ban imports of Russian fossil fuels significantly escalates the 536 00:30:02,800 --> 00:30:07,920 Speaker 1: response to Vladimir Putin's unprovoked war on Ukraine. Acting by itself, 537 00:30:07,960 --> 00:30:10,960 Speaker 1: though the US can only do so much. That's because, 538 00:30:11,160 --> 00:30:14,320 Speaker 1: unlike many of its European allies, the US doesn't buy 539 00:30:14,400 --> 00:30:17,600 Speaker 1: much energy from Russia. The UK has promised to follow 540 00:30:17,640 --> 00:30:20,880 Speaker 1: America's lead and banning imports of Russia's oil, but it 541 00:30:20,920 --> 00:30:24,920 Speaker 1: will continue to buy its gas and coal. Meanwhile, Europe's 542 00:30:24,920 --> 00:30:27,480 Speaker 1: other governments are looking at ways to cut their own 543 00:30:27,520 --> 00:30:32,360 Speaker 1: imports wherever possible. These plans should be accelerated. For many 544 00:30:32,480 --> 00:30:37,600 Speaker 1: US allies, banning Russian fossil fuel imports would be impossibly disruptive, 545 00:30:38,000 --> 00:30:41,000 Speaker 1: but planning to reduce and then eliminate their dependence on 546 00:30:41,080 --> 00:30:44,959 Speaker 1: Russian energy is entirely feasible. A credible commitment to do 547 00:30:45,040 --> 00:30:48,240 Speaker 1: so was set putting back as little else would. This 548 00:30:48,360 --> 00:30:51,320 Speaker 1: editorial was written by the Bloomberg Opinion Editorial Board. I'm 549 00:30:51,400 --> 00:30:54,560 Speaker 1: David Shipley. For more Bloomberg Opinion, please go to Bloomberg 550 00:30:54,600 --> 00:30:57,640 Speaker 1: dot com, slash opinion or opia and go on the 551 00:30:57,680 --> 00:31:01,120 Speaker 1: Bloomberg terminal. This has been bloom Burg Opinion. Listen for 552 00:31:01,160 --> 00:31:04,600 Speaker 1: Bloomberg opinion editorials every weekday. At this time, terminal customers 553 00:31:04,640 --> 00:31:07,520 Speaker 1: can read more at op a end go sp futures 554 00:31:07,560 --> 00:31:10,000 Speaker 1: up seventy three points down, futures up five hundred three, 555 00:31:10,080 --> 00:31:13,480 Speaker 1: Nasdaq futures up two d seventy eight. Crude oil falling 556 00:31:13,560 --> 00:31:16,600 Speaker 1: after days of rising prices. We'll look at the market 557 00:31:16,600 --> 00:31:19,880 Speaker 1: next with John Kilduff of Again Capital. This is Bloomberg 558 00:31:22,480 --> 00:31:24,760 Speaker 1: Bloomberg eleven three oh weather rain likely mixed of a 559 00:31:24,800 --> 00:31:26,560 Speaker 1: little wet snow north and west of town. Will get 560 00:31:26,600 --> 00:31:29,560 Speaker 1: up to the upper thirties today, partly sunny, upper forties tomorrow, 561 00:31:29,960 --> 00:31:32,440 Speaker 1: windy for Friday, with a high near fifty right now 562 00:31:32,520 --> 00:31:39,840 Speaker 1: forty in central Park markets. Headlines and breaking news twenty 563 00:31:39,840 --> 00:31:42,720 Speaker 1: four hours a day at Bloomberg dot Com, for Bloomberg 564 00:31:42,720 --> 00:31:46,320 Speaker 1: Business at and at Bloomberg Quicktap. This is a Bloomberg 565 00:31:46,360 --> 00:31:55,160 Speaker 1: Business lash and I'm Cameron Moscow. You watch dot Index. 566 00:31:55,240 --> 00:31:59,280 Speaker 1: Futures and European shares are extending gains as dip buyer's waiter. 567 00:31:59,360 --> 00:32:02,080 Speaker 1: The globally and on a impact of escalating sanctions on 568 00:32:02,160 --> 00:32:05,760 Speaker 1: Russia is already reflected in market prices. We checked the 569 00:32:05,760 --> 00:32:08,680 Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg 570 00:32:09,040 --> 00:32:11,880 Speaker 1: SMP future is up seventy four point staff futures have 571 00:32:11,920 --> 00:32:16,000 Speaker 1: five hundred fifteen nastac features have two hundred eighty seven, 572 00:32:16,240 --> 00:32:19,080 Speaker 1: up more than two point two percent. The decks in 573 00:32:19,120 --> 00:32:21,440 Speaker 1: Germany is up five and a third per cent. The 574 00:32:21,440 --> 00:32:24,520 Speaker 1: ten year treasury down seventeen thirty seconds yield one point 575 00:32:24,600 --> 00:32:26,880 Speaker 1: nine zero percent, The yield on the two year one 576 00:32:26,880 --> 00:32:30,280 Speaker 1: point six five percent. Nine meg Scrude oil is down 577 00:32:30,360 --> 00:32:32,920 Speaker 1: two point three percent on two dollars ninety cents and 578 00:32:32,960 --> 00:32:35,960 Speaker 1: a hundred twenty dollars seventy nine cents of barrel. Comex's 579 00:32:36,000 --> 00:32:38,320 Speaker 1: gold is down one point two percent on twenty three 580 00:32:38,320 --> 00:32:41,760 Speaker 1: dollars fifty cents at two thousand, nineteen dollars announced, the 581 00:32:41,840 --> 00:32:44,600 Speaker 1: Euro one point zero nine eight three against the dollar, 582 00:32:44,680 --> 00:32:47,080 Speaker 1: British pound one point three one seven three, the yen 583 00:32:47,120 --> 00:32:50,520 Speaker 1: at one fifteen point eight seven, and Bitcoin this morning 584 00:32:50,600 --> 00:32:53,200 Speaker 1: higher by more than nine percent at forty two thousand, 585 00:32:53,280 --> 00:32:56,200 Speaker 1: one hundred ten dollars. That's a Bloomberg business flash. Now 586 00:32:56,280 --> 00:32:58,520 Speaker 1: here's Michael Barr with more on what's going on around 587 00:32:58,520 --> 00:33:01,880 Speaker 1: the world. Buckle Aaron, thank you very much. Vice President 588 00:33:01,920 --> 00:33:04,880 Speaker 1: Harris is heading to Poland this morning. The trip comes 589 00:33:04,880 --> 00:33:08,800 Speaker 1: amit a disagreement between Poland and the US. Were Ukraine 590 00:33:08,840 --> 00:33:12,080 Speaker 1: getting Poland's fighter chants. Meanwhile, there's a new effort to 591 00:33:12,160 --> 00:33:16,520 Speaker 1: evacuate civilians out of Ukraine. Negotiators for locked out players 592 00:33:16,520 --> 00:33:19,320 Speaker 1: and Major League Baseball bargain until the early morning hours 593 00:33:19,480 --> 00:33:21,960 Speaker 1: to preserve a one hundred sixty two games season. They'll 594 00:33:22,000 --> 00:33:25,480 Speaker 1: resumed later today. In the NBA, the Nets and Warriors one. 595 00:33:25,560 --> 00:33:28,400 Speaker 1: In the NHL, the Devils and Capitals won, the Rangers lost. 596 00:33:28,600 --> 00:33:31,400 Speaker 1: Some NFL news, the Broncos have agreed to a trade 597 00:33:31,400 --> 00:33:35,000 Speaker 1: for quarterback Russell Wilson from the Seahawks. QB Aaron Rodgers 598 00:33:35,040 --> 00:33:37,040 Speaker 1: will stay with the Packers and a four year deal 599 00:33:37,120 --> 00:33:41,640 Speaker 1: reported to be worth two hundred million dollars. Lording Global 600 00:33:41,680 --> 00:33:44,040 Speaker 1: News twenty four hours a day on air and on 601 00:33:44,120 --> 00:33:47,360 Speaker 1: Bloomberg Quick Tank, powered by more than twenty seven hundred 602 00:33:47,400 --> 00:33:50,240 Speaker 1: journalist and analysts in more than a hundred twenty countries. 603 00:33:50,240 --> 00:33:53,160 Speaker 1: I'm Michael Barr, this is Bloomberg. Nathan. That's quite the deal. 604 00:33:53,280 --> 00:33:55,760 Speaker 1: Thank you, Michael. It's fine. Forty nine on Wall Street 605 00:33:55,800 --> 00:33:59,440 Speaker 1: Live from the Bloomberg interacted Brokers Studios. This is Bloomberg 606 00:33:59,520 --> 00:34:03,280 Speaker 1: Daybreaker as we continue to watch the wild swings in 607 00:34:03,320 --> 00:34:06,760 Speaker 1: the oil market following the US announcement that it will 608 00:34:06,840 --> 00:34:10,759 Speaker 1: ban Russian crude and gas imports. Let's get more and 609 00:34:10,760 --> 00:34:13,320 Speaker 1: where the market could be headed from here. John Kilduff 610 00:34:13,400 --> 00:34:17,080 Speaker 1: joins us founding partner of Again Capital. John, Good morning. 611 00:34:17,080 --> 00:34:19,480 Speaker 1: We've been seeing a surge, of course in oil prices 612 00:34:19,520 --> 00:34:23,759 Speaker 1: over the last several days now a pretty significant decline. 613 00:34:24,000 --> 00:34:26,120 Speaker 1: Have we found a resistance level for crude? Do you 614 00:34:26,160 --> 00:34:30,239 Speaker 1: think it appears we have right around the one and 615 00:34:30,280 --> 00:34:33,879 Speaker 1: thirty dollar a barrel level. We hit that on Sunday night, 616 00:34:34,080 --> 00:34:37,040 Speaker 1: and we hit it again pretty much yesterday, and we 617 00:34:37,120 --> 00:34:40,000 Speaker 1: keep backing off it. So I think folks can try 618 00:34:40,040 --> 00:34:42,640 Speaker 1: and keep their fingers crossed that that will hold. Although 619 00:34:42,680 --> 00:34:44,959 Speaker 1: I'll tell you just on a pure technical basis, looking 620 00:34:44,960 --> 00:34:47,040 Speaker 1: at the charcoing all the way back to two thousand 621 00:34:47,120 --> 00:34:50,040 Speaker 1: and eight, Uh, there's no real resistance until one that 622 00:34:50,160 --> 00:34:52,600 Speaker 1: one forty seven all time high print for a w 623 00:34:52,760 --> 00:34:55,000 Speaker 1: T I. So that's kind of where we have to 624 00:34:55,040 --> 00:34:57,839 Speaker 1: go and touch before we can be more have more 625 00:34:58,120 --> 00:35:01,799 Speaker 1: confidence that that we could back off. But um, look, 626 00:35:01,840 --> 00:35:04,319 Speaker 1: I mean the market has been pretty proportional in its 627 00:35:04,360 --> 00:35:08,759 Speaker 1: response to the various developments here, including the foreclosure of 628 00:35:09,320 --> 00:35:12,440 Speaker 1: crude oil into the United States from Russia uh, and 629 00:35:12,560 --> 00:35:17,240 Speaker 1: and other factors of course. So at this point, um, 630 00:35:17,239 --> 00:35:19,120 Speaker 1: you know, it's sort of uh, wait and see. But 631 00:35:19,360 --> 00:35:22,040 Speaker 1: as you're seeing even just overnight here, it's highly volatile. 632 00:35:22,080 --> 00:35:24,680 Speaker 1: I think just as I've been waiting for you, I've 633 00:35:24,719 --> 00:35:27,480 Speaker 1: seen the price swing about two bucks for Brent. We're 634 00:35:27,520 --> 00:35:32,080 Speaker 1: over now. It's got handle. So you can't take your 635 00:35:32,080 --> 00:35:34,960 Speaker 1: eyes off this screen for right now. Yeah, it sounds 636 00:35:35,000 --> 00:35:38,279 Speaker 1: like you're gonna need some dramamine to be in this 637 00:35:38,320 --> 00:35:40,160 Speaker 1: market for a little bit here. What I mean, what 638 00:35:40,200 --> 00:35:42,040 Speaker 1: do you think the catalyst could be if we do 639 00:35:42,360 --> 00:35:45,560 Speaker 1: see uh two thousand and eight level a hundred forty 640 00:35:45,600 --> 00:35:50,160 Speaker 1: seven like you're talking about. Well, Russia is continuing to 641 00:35:50,160 --> 00:35:51,960 Speaker 1: to make all kinds of problems for all the comme 642 00:35:51,960 --> 00:35:54,759 Speaker 1: out of the markets. That if President Putin does follow 643 00:35:54,840 --> 00:35:58,520 Speaker 1: through on his his threat now to ban all commodity exports, 644 00:35:58,560 --> 00:36:03,080 Speaker 1: including oil, which would cut off Europe and potentially China, Uh, 645 00:36:03,120 --> 00:36:05,319 Speaker 1: then then then weren't in the next phase of this 646 00:36:05,360 --> 00:36:08,080 Speaker 1: thing that weren't in the next phase of pricing because 647 00:36:08,320 --> 00:36:11,160 Speaker 1: this is supply that cannot be made up. And uh, 648 00:36:11,239 --> 00:36:14,080 Speaker 1: then China in particular and you're for that matter, would 649 00:36:14,080 --> 00:36:17,520 Speaker 1: be scrambling for for the available world supplies, which would 650 00:36:17,520 --> 00:36:21,879 Speaker 1: then have to price in an effective rationing, which would 651 00:36:21,880 --> 00:36:24,439 Speaker 1: get really ugly price wise for consumers around the world. 652 00:36:24,520 --> 00:36:26,600 Speaker 1: So that would be the next phase here. But I'll 653 00:36:26,600 --> 00:36:29,560 Speaker 1: tell you that the chance too, though, is that we 654 00:36:29,760 --> 00:36:32,240 Speaker 1: this price really craters if there's any kind of progress 655 00:36:32,239 --> 00:36:36,879 Speaker 1: about brokering some kind of lasting piece and potentially a deal. Um. 656 00:36:36,920 --> 00:36:39,279 Speaker 1: And you saw sort of the contours of that over 657 00:36:39,320 --> 00:36:42,200 Speaker 1: the past number of days here, and to the extent 658 00:36:42,280 --> 00:36:44,560 Speaker 1: we get anything like that, uh, you know, there's about 659 00:36:44,640 --> 00:36:47,040 Speaker 1: thirty dollars of air in this price at this point 660 00:36:47,640 --> 00:36:50,040 Speaker 1: on on the fears on the supply fears from the 661 00:36:50,040 --> 00:36:53,200 Speaker 1: war starting to hear a little bit more talk now. 662 00:36:53,360 --> 00:36:57,080 Speaker 1: I think we're comparing this situation to the nineteen seventy 663 00:36:57,200 --> 00:37:00,160 Speaker 1: three oil embargo. Is that the kind of precedent you're 664 00:37:00,200 --> 00:37:03,239 Speaker 1: looking at for where the market could be headed from here? 665 00:37:05,239 --> 00:37:09,480 Speaker 1: It's just in the pure price and supply shock. Yes. Um. 666 00:37:09,520 --> 00:37:11,320 Speaker 1: I will say though that in terms of the U. 667 00:37:11,480 --> 00:37:13,920 Speaker 1: S economy even and I'm the first one to say 668 00:37:13,960 --> 00:37:16,440 Speaker 1: that oil has been a handmade into every one of 669 00:37:16,440 --> 00:37:19,440 Speaker 1: the past several recessions here in the United States. There 670 00:37:19,440 --> 00:37:22,360 Speaker 1: were certainly other factors. Recruda was part of it. But 671 00:37:22,400 --> 00:37:25,920 Speaker 1: as far as comparing the nineteen seventy situation to today, 672 00:37:26,320 --> 00:37:30,319 Speaker 1: the US, of course much less energy uh dependent and 673 00:37:30,360 --> 00:37:34,239 Speaker 1: also the amount of energy used in our economy appreciably 674 00:37:34,320 --> 00:37:37,200 Speaker 1: less than it was back then. But yes, this would 675 00:37:37,239 --> 00:37:39,840 Speaker 1: this would, this would rival in terms of a supply 676 00:37:40,000 --> 00:37:43,640 Speaker 1: shock that time period if Russia was to go ahead 677 00:37:43,880 --> 00:37:46,640 Speaker 1: and embargo it's oil to the rest of the world. 678 00:37:47,200 --> 00:37:50,120 Speaker 1: All right, John killed Uff, great to get your insights 679 00:37:50,160 --> 00:37:54,440 Speaker 1: this morning. John killed Off is founding partner of Again Capital, 680 00:37:54,480 --> 00:37:57,120 Speaker 1: and just looking at prices right now, we have seen 681 00:37:57,120 --> 00:38:00,560 Speaker 1: pretty significant swings just in the current ash and right 682 00:38:00,560 --> 00:38:04,520 Speaker 1: now Nimex crude is down two percent, down two dollars 683 00:38:04,520 --> 00:38:06,959 Speaker 1: forty six cents right now at a hundred one dollar 684 00:38:07,320 --> 00:38:10,360 Speaker 1: forty two cents of barrel. Brent is down one point 685 00:38:10,360 --> 00:38:12,920 Speaker 1: four percent or a dollar eighty nine at a hundred 686 00:38:12,920 --> 00:38:16,520 Speaker 1: twenty six dollars six cents per barrel. Karen Nathan, it's 687 00:38:16,560 --> 00:38:18,279 Speaker 1: five or day three on wall straight time for the 688 00:38:18,320 --> 00:38:21,320 Speaker 1: Bloomberg Laapour. Let's get to the legal stories we're watching 689 00:38:21,320 --> 00:38:27,759 Speaker 1: this morning. From Bloomberg Jeff Bellinger, OSHA is launching a 690 00:38:27,800 --> 00:38:31,399 Speaker 1: three month inspection push that will target healthcare employers where 691 00:38:31,440 --> 00:38:35,360 Speaker 1: COVID nineteen hazards were previously identified. A suit filed in 692 00:38:35,360 --> 00:38:39,720 Speaker 1: San Francisco accuses Airbnb availing to warn guests about hidden 693 00:38:39,760 --> 00:38:42,880 Speaker 1: cameras and homes rented on its platform and taking no 694 00:38:43,080 --> 00:38:47,279 Speaker 1: steps to prevent guests from being recorded. Voters in Napa Valley, California, 695 00:38:47,280 --> 00:38:50,279 Speaker 1: will consider a quarters sent sales tax increase as part 696 00:38:50,320 --> 00:38:53,520 Speaker 1: of an initiative to improve fire services. The levy was 697 00:38:53,600 --> 00:38:58,520 Speaker 1: unanimously approved by the board of supervisors. Bloomberg Law Everything 698 00:38:58,560 --> 00:39:02,680 Speaker 1: you need all on on legal research platform, including guidance 699 00:39:02,719 --> 00:39:07,000 Speaker 1: analysis and Bloomberg Market Intelligence. Find out more at Bloomberg 700 00:39:07,080 --> 00:39:10,000 Speaker 1: Law dot com. All right, Jeff, thank you. Now. Another 701 00:39:10,080 --> 00:39:13,160 Speaker 1: legal story we're watching this week. The Supreme Court limited 702 00:39:13,200 --> 00:39:16,279 Speaker 1: the reach of a three strikes law that enhances the 703 00:39:16,400 --> 00:39:20,239 Speaker 1: sentences of career criminals in federal gun cases. The Armed 704 00:39:20,239 --> 00:39:24,080 Speaker 1: Career Criminal Act imposes a mandatory fifteen year prison sentence 705 00:39:24,320 --> 00:39:27,160 Speaker 1: for anyone possession of a gun who has three prior 706 00:39:27,239 --> 00:39:31,439 Speaker 1: convictions for violent felonies, and which prior offenses count toward 707 00:39:31,520 --> 00:39:34,920 Speaker 1: these three strikes can make a huge difference in sentencing. 708 00:39:35,200 --> 00:39:37,600 Speaker 1: For more in the issue, Jim Grassos spaced to Bloomberg 709 00:39:37,680 --> 00:39:41,320 Speaker 1: Law reporter Jordan Reuben Jordan, this was yet another case 710 00:39:41,360 --> 00:39:44,759 Speaker 1: before the Court on the Armed Career Criminal Act. What 711 00:39:44,800 --> 00:39:48,160 Speaker 1: was the issue here? So the issue in his case 712 00:39:48,440 --> 00:39:53,919 Speaker 1: was whether his prior offenses counted towards this three strikes law, 713 00:39:54,000 --> 00:39:57,040 Speaker 1: the Armed Career Criminal Act, And that's the issue at 714 00:39:57,080 --> 00:39:59,839 Speaker 1: the Supreme Court, and it's a law that is being 715 00:40:00,000 --> 00:40:02,800 Speaker 1: deigated all the time at the Supreme Court. Really drives 716 00:40:03,200 --> 00:40:06,160 Speaker 1: the justices nuts because of how difficult it is to 717 00:40:06,280 --> 00:40:10,640 Speaker 1: figure out really whether these prior convictions can count, and 718 00:40:10,680 --> 00:40:13,520 Speaker 1: there's just so many issues that arise in trying to 719 00:40:13,800 --> 00:40:16,279 Speaker 1: figure that out. And that was what was happening in 720 00:40:16,440 --> 00:40:20,440 Speaker 1: Wooden's case. Tell us about the burglary, wouldn't have pleaded 721 00:40:20,520 --> 00:40:24,200 Speaker 1: to it was sort of an escalating crime, but in 722 00:40:24,280 --> 00:40:27,600 Speaker 1: one place exactly, And so it's all about how you 723 00:40:27,760 --> 00:40:29,880 Speaker 1: describe it, right, It's the issue here. It was this 724 00:40:30,000 --> 00:40:33,799 Speaker 1: specific component of the Act which includes crimes that are 725 00:40:33,880 --> 00:40:37,440 Speaker 1: quote committed on occasions different from another end quote. And 726 00:40:37,480 --> 00:40:41,360 Speaker 1: so the question is what counts as an occasion? Sounds 727 00:40:41,400 --> 00:40:44,480 Speaker 1: simple enough, right, Well, the court had a pretty difficult 728 00:40:44,600 --> 00:40:47,880 Speaker 1: time with it because they were looking back at Wooden's 729 00:40:47,920 --> 00:40:53,040 Speaker 1: prior convictions, namely back to this one night in Georgia 730 00:40:53,440 --> 00:40:57,200 Speaker 1: where he pleaded guilty to ten counts of burglary for 731 00:40:57,400 --> 00:41:01,000 Speaker 1: entering ten units of a Georgia minis storage facility on 732 00:41:01,040 --> 00:41:03,839 Speaker 1: the same night. The question was whether that counts as 733 00:41:03,920 --> 00:41:08,359 Speaker 1: ten separate offenses under this career criminal law or just one. 734 00:41:08,520 --> 00:41:10,440 Speaker 1: And so that all came down to the question of 735 00:41:10,800 --> 00:41:13,359 Speaker 1: whether it was one occasion or whether it was ten 736 00:41:13,480 --> 00:41:17,760 Speaker 1: different occasions. And the Court, in an opinion by Justice Kagan, 737 00:41:17,880 --> 00:41:22,120 Speaker 1: said that counted as just one occasion based on plain 738 00:41:22,200 --> 00:41:26,280 Speaker 1: English meaning of the word occasion. I love her opinions, 739 00:41:26,280 --> 00:41:29,840 Speaker 1: and in this one she gave an example that involved 740 00:41:29,880 --> 00:41:33,839 Speaker 1: a wedding ceremony and a barroom brawl. There was a 741 00:41:33,880 --> 00:41:37,520 Speaker 1: lot of colorful aspects to just Cagan's opinion. She's a 742 00:41:37,560 --> 00:41:39,960 Speaker 1: great writer. He talked about, for example, how if you 743 00:41:40,000 --> 00:41:42,600 Speaker 1: know someone had busted out on a condo line or 744 00:41:42,640 --> 00:41:45,680 Speaker 1: something like that while you were giving your wedding vows, 745 00:41:45,760 --> 00:41:49,040 Speaker 1: that would all happen during the wedding occasion. But obviously 746 00:41:49,080 --> 00:41:52,400 Speaker 1: that's not the way that normal people will refer to 747 00:41:52,440 --> 00:41:55,080 Speaker 1: the term. And so that was kind of the thrust 748 00:41:55,120 --> 00:41:58,200 Speaker 1: of Kegan's opinion, all about trying to describe it in 749 00:41:58,200 --> 00:42:02,120 Speaker 1: a way that normal people talk about things. And as 750 00:42:02,160 --> 00:42:05,640 Speaker 1: Bloomberg Law reporter Jordan Rubens speaking with the June Grosso. 751 00:42:05,760 --> 00:42:08,280 Speaker 1: Catch more of that interview plus analysis of the latest 752 00:42:08,360 --> 00:42:11,319 Speaker 1: legal news by listening to the Bloomberg Law Show at 753 00:42:11,320 --> 00:42:14,880 Speaker 1: ten pm Eastern Time or subscribing to the Bloomberg Law Podcast, 754 00:42:15,120 --> 00:42:18,280 Speaker 1: and attorneys can find exceptional legal research and business development 755 00:42:18,320 --> 00:42:21,880 Speaker 1: tools at Bloomberg Law dot com. Again, futures are on 756 00:42:21,920 --> 00:42:24,960 Speaker 1: the rise, with SNP futures up sixty five points down 757 00:42:25,000 --> 00:42:28,560 Speaker 1: futures have four hundred fifty Nasdaq futures have two hundred 758 00:42:28,600 --> 00:42:31,800 Speaker 1: fifty three ten year Treasury down sixteen thirty seconds, the 759 00:42:31,880 --> 00:42:34,759 Speaker 1: yield one point nine zero percent. They yield on the 760 00:42:34,800 --> 00:42:37,520 Speaker 1: two year one point six five percent, and im X 761 00:42:37,560 --> 00:42:41,520 Speaker 1: screwed oiled down more than a two percent and still ahead. 762 00:42:41,520 --> 00:42:43,800 Speaker 1: On Bloomberg Day Break and check on the business headlines 763 00:42:43,840 --> 00:42:45,920 Speaker 1: and all the news you need to start your day. 764 00:42:45,960 --> 00:42:47,239 Speaker 1: This is Bloomberg