1 00:00:02,400 --> 00:00:05,880 Speaker 1: Live from the Bloomberg Interacted Berger Studios. Is Bloomberg day 2 00:00:05,880 --> 00:00:10,680 Speaker 1: Break for Tuesday one coming up this hour. Oil surges 3 00:00:10,720 --> 00:00:13,480 Speaker 1: after EU leaders agree to pursue a partial bed on 4 00:00:13,600 --> 00:00:16,560 Speaker 1: Russian crude. The oil game and hawkish comments from the 5 00:00:16,600 --> 00:00:19,840 Speaker 1: FED have treasury yields on the rise. At President Biden 6 00:00:19,880 --> 00:00:22,480 Speaker 1: holds a rare meeting with FED Chair J Powell at 7 00:00:22,480 --> 00:00:25,880 Speaker 1: the Oval Office. Today. People in Volde, Texas prepared to 8 00:00:25,880 --> 00:00:28,400 Speaker 1: bury the dead from last week's shootings to plus, the 9 00:00:28,480 --> 00:00:32,200 Speaker 1: Diocese of Brooklyn calls it a brazen crime of disrespect 10 00:00:32,240 --> 00:00:35,919 Speaker 1: and hate. I'm Michael Barr. More Ahead, I'm trying Stashower 11 00:00:35,960 --> 00:00:38,560 Speaker 1: and sports. The Rangers beat the Hurricanes in Game seven. 12 00:00:38,600 --> 00:00:41,040 Speaker 1: They're moving on to the East Farmal's easy win for 13 00:00:41,080 --> 00:00:47,320 Speaker 1: the Mets. That's all's training. Ahead on Bloomberg Daybreak on 14 00:00:47,440 --> 00:00:51,880 Speaker 1: Bloomberg eleven three, on New York, Bloomberg one, Washington, d C, 15 00:00:52,360 --> 00:00:55,920 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and 16 00:00:56,040 --> 00:00:59,960 Speaker 1: Francisco Sirius x M one nineteen and around the world 17 00:01:00,320 --> 00:01:07,679 Speaker 1: Bloomberg Radio dot Com and via The Bloomberg Business And 18 00:01:07,760 --> 00:01:11,080 Speaker 1: Good Morning. I'm Karen Moscow. I'm Nathan Hacker Bloomberg Daybreak 19 00:01:11,120 --> 00:01:13,160 Speaker 1: is brought to you by B and Y Melon Pershanks 20 00:01:13,200 --> 00:01:16,520 Speaker 1: Inside Conference Back in person June fifteen through the seventeenth 21 00:01:16,520 --> 00:01:19,200 Speaker 1: of the Gaylord Resorted grape Vine, Texas. Don't miss it. 22 00:01:19,280 --> 00:01:23,320 Speaker 1: Register now at Inside dot b n Y Melon dot com. 23 00:01:23,319 --> 00:01:26,200 Speaker 1: And US futures are lower this morning six o one 24 00:01:26,240 --> 00:01:28,319 Speaker 1: on Wall Street. IM gonna check the markets every fifteen 25 00:01:28,319 --> 00:01:30,760 Speaker 1: minutes throughout the trading day. On Bloomberg, Guess and P 26 00:01:30,959 --> 00:01:33,720 Speaker 1: Future is down twenty eight points. DAL futures down two 27 00:01:34,400 --> 00:01:37,319 Speaker 1: one and nasdack futures down forty three. The decks in 28 00:01:37,360 --> 00:01:40,560 Speaker 1: Germany's down three quarters of a percent ten Your treasury 29 00:01:40,560 --> 00:01:43,600 Speaker 1: down thirty seconds yield two point eight one percent. They 30 00:01:43,680 --> 00:01:46,319 Speaker 1: yield on the two year two point five three percent. 31 00:01:46,880 --> 00:01:49,120 Speaker 1: Comics gold is down to tenths per cent or four 32 00:01:49,160 --> 00:01:52,080 Speaker 1: dollars thirty cents at eighteen fifty three announced, and the 33 00:01:52,160 --> 00:01:54,920 Speaker 1: euro one point oh seven to two against the dollar. 34 00:01:55,000 --> 00:01:58,080 Speaker 1: Nathan Karen Oil is on the rise this morning, gets 35 00:01:58,160 --> 00:02:00,080 Speaker 1: up three and a half percent for west Tech this 36 00:02:00,200 --> 00:02:03,640 Speaker 1: intermediate after European Union leaders agreed to seek a ban 37 00:02:03,800 --> 00:02:07,240 Speaker 1: on imports of most Russian oil. Let's get the details 38 00:02:07,240 --> 00:02:09,600 Speaker 1: of Bloomberg's human parts in our London bureau. Good morning, 39 00:02:10,040 --> 00:02:13,359 Speaker 1: Good morning, Nathan Karen. Finally a deal on Russian oil. 40 00:02:13,440 --> 00:02:16,760 Speaker 1: European Union leaders agree sanctions blocking the purchase of crude 41 00:02:16,760 --> 00:02:20,640 Speaker 1: oil and petroleum products from Russia delivered by sea, but 42 00:02:20,800 --> 00:02:24,359 Speaker 1: there is a temporary exemption for pipeline deliveries to satisfy Hungary, 43 00:02:24,560 --> 00:02:28,400 Speaker 1: which have been holding up discussions. European Commission President Vondeline 44 00:02:28,480 --> 00:02:32,280 Speaker 1: welcome the agreement. Council should now be able to finalize 45 00:02:32,360 --> 00:02:36,760 Speaker 1: a ban on almost of all Russian oil inputs by 46 00:02:36,800 --> 00:02:39,880 Speaker 1: the end of the year. European Commission President Vondeline made 47 00:02:39,919 --> 00:02:42,400 Speaker 1: the comments at a briefing in Brussels. In London, I'm 48 00:02:42,440 --> 00:02:44,360 Speaker 1: you and parts spoon back day break, thank you, and 49 00:02:44,400 --> 00:02:46,320 Speaker 1: thank you all. Back here in the US, the fallout 50 00:02:46,320 --> 00:02:50,280 Speaker 1: from last week's school shooting continues to reverberate across the country. 51 00:02:50,360 --> 00:02:53,480 Speaker 1: There's another bush for a legislation on guns for President 52 00:02:53,520 --> 00:02:55,520 Speaker 1: Biden says he is limited on what he can do. 53 00:02:55,639 --> 00:02:59,400 Speaker 1: He traveled to Yevaldi, Texas for an emotional visit this weekend. Anymore, 54 00:02:59,560 --> 00:03:02,640 Speaker 1: says Deep Eils from our Bloomberg One news room in Washington. 55 00:03:03,040 --> 00:03:06,240 Speaker 1: I can't outlaw a weapon. I can't change a background check. 56 00:03:06,480 --> 00:03:08,920 Speaker 1: President Biden explaining that there is only so much he 57 00:03:09,040 --> 00:03:11,920 Speaker 1: can do to stop mass shootings in the US. Biden 58 00:03:12,000 --> 00:03:15,120 Speaker 1: and First Lady Jill Biden visited the Texas elementary school 59 00:03:15,240 --> 00:03:18,280 Speaker 1: where a gunman killed nineteen children and two teachers. That 60 00:03:18,400 --> 00:03:21,320 Speaker 1: shooting has increased demands on Congress to do something about 61 00:03:21,360 --> 00:03:24,080 Speaker 1: gun regulation, and talks in the Senate now center on 62 00:03:24,120 --> 00:03:27,000 Speaker 1: red flag laws. They allow police or family members to 63 00:03:27,120 --> 00:03:29,560 Speaker 1: ask a court to temporarily remove the right to own 64 00:03:29,600 --> 00:03:32,720 Speaker 1: firearms from someone who may be at risk. In Washington, 65 00:03:32,840 --> 00:03:35,400 Speaker 1: I may be more as Bloomberg daybreak Amy thanks on 66 00:03:35,440 --> 00:03:38,320 Speaker 1: Wall Street Today, Inflation continues to be a major focus 67 00:03:38,360 --> 00:03:41,160 Speaker 1: for markets. Treasury yields are climbing as the Federal Reserve 68 00:03:41,200 --> 00:03:44,320 Speaker 1: shows no sign of slowing its hawkish stance. FED Governor 69 00:03:44,400 --> 00:03:47,000 Speaker 1: Christopher Waller says he wants to keep raising interest rates 70 00:03:47,000 --> 00:03:50,040 Speaker 1: and half percentage point steps until inflation is under control, 71 00:03:50,480 --> 00:03:56,480 Speaker 1: support tightening policy by another fifty basis points or several meetings. 72 00:03:56,920 --> 00:04:01,600 Speaker 1: In particular, I am not taking fifty base its point 73 00:04:01,680 --> 00:04:05,720 Speaker 1: heights off the table until I see inflation coming down 74 00:04:06,120 --> 00:04:09,920 Speaker 1: close to part FED Governor Christopher Waller spoke at an 75 00:04:09,920 --> 00:04:14,160 Speaker 1: event hosted by the Institute for Monetary and Financial Stability. Well, Nathan, 76 00:04:14,200 --> 00:04:17,080 Speaker 1: inflation will be a key topic of discussion when President 77 00:04:17,120 --> 00:04:20,080 Speaker 1: Biden holds a rare meeting today with each share of 78 00:04:20,160 --> 00:04:23,120 Speaker 1: the Federal Reserve, and we get more from Bloombery's de Chrisner. 79 00:04:23,680 --> 00:04:26,440 Speaker 1: It'll be the first meeting between the two since November, 80 00:04:26,480 --> 00:04:29,440 Speaker 1: when the President nominated J. Powell for a second four 81 00:04:29,520 --> 00:04:33,160 Speaker 1: year term. In the intervening period, soaring inflation has become 82 00:04:33,240 --> 00:04:36,679 Speaker 1: a crippling problem. In an opinion piece published late Monday 83 00:04:36,680 --> 00:04:38,960 Speaker 1: in The Wall Street Journal, the President said he would 84 00:04:39,000 --> 00:04:41,799 Speaker 1: support the Fed in its effort to combat high inflation 85 00:04:42,000 --> 00:04:45,159 Speaker 1: by reducing demand. The President said the fight was likely 86 00:04:45,200 --> 00:04:47,599 Speaker 1: to slow the rate of job growth from a monthly 87 00:04:47,640 --> 00:04:51,120 Speaker 1: pace of five hundred thousand jobs to around a hundred 88 00:04:51,160 --> 00:04:55,040 Speaker 1: fifty thousand in New York. I'm Doug Christner, Bloomberg Daybreak. Okay, Doug, 89 00:04:55,040 --> 00:04:56,840 Speaker 1: thanks for the labor market will be front and center 90 00:04:56,880 --> 00:04:58,480 Speaker 1: as well this week when we get the May jobs 91 00:04:58,480 --> 00:05:00,640 Speaker 1: report on Friday. Let's get a preview of that from 92 00:05:00,640 --> 00:05:04,720 Speaker 1: Bloomberg'sviney del Judas. Economy is a payroll growth probably exceeded 93 00:05:04,760 --> 00:05:07,479 Speaker 1: three hundred thousand and May. So far this year, the 94 00:05:07,520 --> 00:05:10,640 Speaker 1: economy has added more than two million jobs, with labor 95 00:05:10,680 --> 00:05:14,480 Speaker 1: shortages at record levels. Of slowdown could imply a shortage 96 00:05:14,480 --> 00:05:18,640 Speaker 1: of qualified workers rather than sudden weakness. Job cuts have 97 00:05:18,720 --> 00:05:21,799 Speaker 1: been running it half century lows. Also in this week's 98 00:05:21,880 --> 00:05:25,799 Speaker 1: US data calendar, I s M Factory data, the Conference Boards, 99 00:05:25,839 --> 00:05:29,920 Speaker 1: consumer Confidence Index in the Federal Reserves, bag Book, Economic Survey, 100 00:05:30,160 --> 00:05:33,000 Speaker 1: Benny del Judace, Bloomberg day Break. All right, Anny, thank you, 101 00:05:33,040 --> 00:05:35,640 Speaker 1: But we're also getting key inflation data out of Europe 102 00:05:35,680 --> 00:05:39,800 Speaker 1: showing Eurozone inflation accelerated to a fresh all time high. 103 00:05:40,080 --> 00:05:42,719 Speaker 1: Consumer prices jumped eight point one percent from a year 104 00:05:42,720 --> 00:05:45,800 Speaker 1: earlier in May, exceeding the seven point eight percent median 105 00:05:45,960 --> 00:05:49,479 Speaker 1: estimate in a Bloomberg survey. Acceleration was driven by food 106 00:05:49,480 --> 00:05:53,440 Speaker 1: and energy after Russia's invasion of Ukraine sent commodity prices soaring. 107 00:05:53,640 --> 00:05:55,760 Speaker 1: Oh back here in the US, Karen stocks are coming 108 00:05:55,800 --> 00:05:58,000 Speaker 1: off their first winning week in nearly a month. As 109 00:05:58,000 --> 00:06:00,800 Speaker 1: we returned to this holiday shortened trade week, we get 110 00:06:00,800 --> 00:06:04,320 Speaker 1: more on the days ahead from Bloomberg's Charlie Pellet. Analysts 111 00:06:04,440 --> 00:06:07,640 Speaker 1: remain split on whether equities have found a bottom amid 112 00:06:07,720 --> 00:06:12,400 Speaker 1: ongoing questions about the strength of corporate earnings. Alicia Levine's 113 00:06:12,440 --> 00:06:15,560 Speaker 1: head of Equities and Capital Markets Advisory at Bank of 114 00:06:15,640 --> 00:06:18,680 Speaker 1: New York, Melon, margins are going to come down. And 115 00:06:18,720 --> 00:06:21,680 Speaker 1: what the market's really been grappling with the last couple 116 00:06:21,680 --> 00:06:24,839 Speaker 1: of weeks is the E on the pe their earnings component, 117 00:06:24,960 --> 00:06:28,600 Speaker 1: and it's likely that earnings have to soften from here. 118 00:06:28,720 --> 00:06:33,800 Speaker 1: Among the names scheduled to report this week, Broadcom, CrowdStrike, Hormel, Foods, 119 00:06:33,960 --> 00:06:38,039 Speaker 1: HP and KO, Lulu, Lemon, and Salesforce dot Com in 120 00:06:38,160 --> 00:06:41,200 Speaker 1: New York, Charlie Pellett Bloomberg day Break, A Right Turley, 121 00:06:41,279 --> 00:06:44,440 Speaker 1: thank you will overseas this morning. Shares of Unilever or 122 00:06:44,520 --> 00:06:48,080 Speaker 1: up about six percent. Activist investor Nelson Pellets has been 123 00:06:48,080 --> 00:06:51,440 Speaker 1: appointed as a non executive director in the company, and 124 00:06:51,480 --> 00:06:53,640 Speaker 1: his Try And Fund Management has taken a one and 125 00:06:53,680 --> 00:06:56,440 Speaker 1: a half percent stake in Unilever. All right now and 126 00:06:56,680 --> 00:06:59,240 Speaker 1: futures are down thirty two points. That's a drop of 127 00:06:59,240 --> 00:07:01,800 Speaker 1: eight ten percent that the moment. Dow futures down tutored 128 00:07:01,839 --> 00:07:05,680 Speaker 1: forty seven. NASTAC futures are lower by fifty seven points. 129 00:07:05,720 --> 00:07:08,880 Speaker 1: The tenure Treasury is down twenty thirty seconds yield two 130 00:07:10,400 --> 00:07:13,640 Speaker 1: Nimex crude trading at a hundred nineteen dollars three cents. 131 00:07:13,680 --> 00:07:16,640 Speaker 1: Apparel straight ahead, your latest local headlines and a check 132 00:07:16,640 --> 00:07:24,200 Speaker 1: of sports. This is Bloomberg. It sounds six oh seven 133 00:07:24,240 --> 00:07:26,960 Speaker 1: on Wall Street, seventy four degrees in Central Park. We've 134 00:07:26,960 --> 00:07:29,440 Speaker 1: got an accident in Queen's westbound l I E and 135 00:07:29,480 --> 00:07:32,760 Speaker 1: wood Haven Boulevard. Details coming up in traffic. First Michael 136 00:07:32,760 --> 00:07:34,640 Speaker 1: Barr with more on what's going on in New York 137 00:07:34,640 --> 00:07:36,920 Speaker 1: at around the world. Michael, thank you very much. Nathan. 138 00:07:36,920 --> 00:07:39,960 Speaker 1: Police say someone busted into the altar at a New 139 00:07:40,040 --> 00:07:43,520 Speaker 1: York City church, stole a two million dollar gold relic, 140 00:07:43,960 --> 00:07:46,720 Speaker 1: and removed the head of a statue of an angel. 141 00:07:47,080 --> 00:07:50,760 Speaker 1: The incident happened between Thursday and Saturday at St. Augustine's 142 00:07:50,840 --> 00:07:55,120 Speaker 1: Roman Catholic Church in Brooklyn's Park Slope neighborhood. The church 143 00:07:55,240 --> 00:07:58,400 Speaker 1: was closed for construction at the time. The church's pastors 144 00:07:58,520 --> 00:08:01,720 Speaker 1: said that camera recorps things from the security system who 145 00:08:01,720 --> 00:08:04,680 Speaker 1: are also stolen. The Diocese of Brooklyn called it a 146 00:08:04,720 --> 00:08:08,559 Speaker 1: brazen crime of disrespect and hate. New York Governor Kathy 147 00:08:08,640 --> 00:08:11,880 Speaker 1: Hokell spoke at the commemoration of the twentie anniversary of 148 00:08:11,920 --> 00:08:15,560 Speaker 1: the formal end of recovery operations at Ground zero on 149 00:08:15,760 --> 00:08:19,440 Speaker 1: Memorial Day, HOCl referred to those who quote showed up 150 00:08:19,560 --> 00:08:22,920 Speaker 1: unprompted to help the common denominator from Moses. They were 151 00:08:22,920 --> 00:08:25,800 Speaker 1: New Yorkers, because it's in our d n A. When 152 00:08:25,800 --> 00:08:29,280 Speaker 1: we get knocked down, we fight back and we come back, 153 00:08:29,720 --> 00:08:32,600 Speaker 1: and we must never ever forget that lesson. That is 154 00:08:32,640 --> 00:08:37,360 Speaker 1: the story of this hallowed ground. Governor Hokell also says 155 00:08:37,400 --> 00:08:40,640 Speaker 1: we're going to come back after this pandemic because we 156 00:08:40,720 --> 00:08:44,240 Speaker 1: showed we did it twenty years ago. Funerals take place 157 00:08:44,280 --> 00:08:47,040 Speaker 1: this week for the nineteen children and two teachers killed 158 00:08:47,120 --> 00:08:50,720 Speaker 1: last week in Yuvaldi, Texas. The town's Manyor Don McLaughlin 159 00:08:50,840 --> 00:08:53,720 Speaker 1: says the site of the shooting rob Elementary School should 160 00:08:53,760 --> 00:08:56,880 Speaker 1: be torn down. Mcclocklin says, though people in the community 161 00:08:57,000 --> 00:08:59,000 Speaker 1: will get through it. That's one of the things I 162 00:08:59,040 --> 00:09:01,319 Speaker 1: love about you about it is community will come together 163 00:09:01,760 --> 00:09:04,240 Speaker 1: and we will come together on this. I mean, this 164 00:09:04,360 --> 00:09:07,640 Speaker 1: is something that we will never get over, but we'll 165 00:09:07,679 --> 00:09:11,040 Speaker 1: get through. Mayor McLaughlan says he supports the construction of 166 00:09:11,080 --> 00:09:14,520 Speaker 1: a mental health hospital in Vivodi that would also serve 167 00:09:14,720 --> 00:09:19,560 Speaker 1: dozens of nearby counties and possibly prevent future massacres. Canadian 168 00:09:19,600 --> 00:09:23,199 Speaker 1: prem Minister Justin Trudeau announced an effort to ban handguns. 169 00:09:23,640 --> 00:09:26,720 Speaker 1: Canada already has an assault weapons band. In the news 170 00:09:26,760 --> 00:09:31,719 Speaker 1: conference in Otowa, Trudeau said the legislation would prohibit the purchase, sale, transfer, 171 00:09:31,880 --> 00:09:35,880 Speaker 1: or import of handguns across Canada. We've seen far too 172 00:09:35,880 --> 00:09:41,040 Speaker 1: many tragedies across this country, far too many incidents of 173 00:09:41,120 --> 00:09:45,320 Speaker 1: gun violence, particularly with handguns in our streets, in our communities, 174 00:09:45,360 --> 00:09:50,800 Speaker 1: Devastating families, devastating communities. Trudeaux also announced mandatory by banks 175 00:09:50,800 --> 00:09:54,120 Speaker 1: for assault weapons. Global News twenty four hours a day 176 00:09:54,240 --> 00:09:57,559 Speaker 1: on air and on Bloomberg Quittake, powered by more than 177 00:09:57,600 --> 00:10:01,040 Speaker 1: twenty seven journalists and analysts and more than hundred twenty countries. 178 00:10:01,440 --> 00:10:09,000 Speaker 1: Michael barrn this is Bloomberg, Nathan. All right, Michael, thanks come, 179 00:10:09,080 --> 00:10:10,599 Speaker 1: that's a sixth tent on Wall Street. Time for the 180 00:10:10,600 --> 00:10:13,559 Speaker 1: Bloomberg Sports Update with John Stshaw. All Right, Nathan, what 181 00:10:13,679 --> 00:10:16,320 Speaker 1: a postseason the Rangers are having. It's hardly over, but 182 00:10:16,360 --> 00:10:20,360 Speaker 1: already five winds when faced with elimination, two game seven 183 00:10:20,440 --> 00:10:23,720 Speaker 1: victories two Series one. Both well They never led the 184 00:10:23,760 --> 00:10:27,000 Speaker 1: series until Game seven and Raleigh Hurricanes penalty in a 185 00:10:27,120 --> 00:10:30,040 Speaker 1: Ranger league and seconds to go, the Rangers power play. 186 00:10:30,640 --> 00:10:33,960 Speaker 1: Rakers go back in top right side feed for a 187 00:10:34,040 --> 00:10:42,800 Speaker 1: year back past the flock scores out of Fox. It's 188 00:10:42,840 --> 00:10:49,160 Speaker 1: a power play goal. Rangers LEADPN later in the first 189 00:10:49,200 --> 00:10:52,440 Speaker 1: another power play goal Chris Crider deflection. Criders scored again 190 00:10:52,440 --> 00:10:55,240 Speaker 1: in the third. The Rangers beat the Hurricane six to two. 191 00:10:55,320 --> 00:10:58,760 Speaker 1: Carolina had been seven and oh at home in the postseason. 192 00:10:58,800 --> 00:11:00,920 Speaker 1: The Rangers are now coming home Game one of the 193 00:11:00,960 --> 00:11:04,040 Speaker 1: East Final with two time defending Stanley Cup champion Tampa 194 00:11:04,080 --> 00:11:07,600 Speaker 1: Bay tomorrow night at the Garden City Field. Washington scored 195 00:11:07,640 --> 00:11:09,200 Speaker 1: three runs in the first sitting. The Mets scored the 196 00:11:09,240 --> 00:11:12,280 Speaker 1: next twelve. All twelve scored over the first four innings. 197 00:11:12,280 --> 00:11:14,920 Speaker 1: The Mets beat the Nats thirteen to five, Starling Martde 198 00:11:14,960 --> 00:11:17,680 Speaker 1: and Nick Plummer, both with home runs and four RBI. 199 00:11:17,800 --> 00:11:21,000 Speaker 1: Detroit Tigers called up infielder Cody Clemens and the Miners. 200 00:11:21,400 --> 00:11:24,000 Speaker 1: That's Roger's son. He's expected to make his major league 201 00:11:24,040 --> 00:11:26,800 Speaker 1: debut tonight. A couple of fourth round upsets. The French 202 00:11:26,880 --> 00:11:30,040 Speaker 1: opened the second and fourth seeds were ousted, Danil Medvedev 203 00:11:30,080 --> 00:11:32,439 Speaker 1: beaten by Marin Chilett straight sets, and Medvedev as of 204 00:11:32,520 --> 00:11:36,360 Speaker 1: now not allowed to play Wimbledon, who has banned all 205 00:11:36,480 --> 00:11:40,319 Speaker 1: Russian stafinals. Sits Aposs also lost pig match today quarterfinals. 206 00:11:40,360 --> 00:11:43,800 Speaker 1: Raphael dalvers Is Novak Jokeovid Maryland captain undefeated season won 207 00:11:43,840 --> 00:11:46,600 Speaker 1: the n C Double A lacrosse title, beating Cornell John 208 00:11:46,640 --> 00:11:50,400 Speaker 1: Stash Award, Bloomberg Sports NAO Okay John, Thanks SMP Futures 209 00:11:50,440 --> 00:11:53,280 Speaker 1: now down twenty seven point, Stout Futures down twurtter two, 210 00:11:53,360 --> 00:11:56,679 Speaker 1: NASTAC futures down forty three points. Ni've x screwed up 211 00:11:56,760 --> 00:12:00,000 Speaker 1: three point four percent of a hundred eighteen dollars ninety 212 00:12:00,120 --> 00:12:08,680 Speaker 1: five cents apparel. You're listening to Bloomberg Daybreak. Bloomberg Daybreak 213 00:12:08,720 --> 00:12:11,000 Speaker 1: is brought to you by Hofstra University's Frank G's r 214 00:12:11,120 --> 00:12:13,959 Speaker 1: School of Business, top ranked online NBA program with a 215 00:12:14,040 --> 00:12:16,800 Speaker 1: real world foundation. Learn more at Hofstra dot e, d 216 00:12:17,040 --> 00:12:24,600 Speaker 1: u slash Go grad markets headlines and breaking news twenty 217 00:12:24,640 --> 00:12:27,480 Speaker 1: four hours a day, at Bloomberg dot Com, the Bloomberg 218 00:12:27,520 --> 00:12:31,040 Speaker 1: Business at and at Bloomberg Quick Tape. He's a Bloomberg 219 00:12:31,160 --> 00:12:40,160 Speaker 1: Business Flash and I'm Cameron Moscow stocks in US stock 220 00:12:40,240 --> 00:12:44,040 Speaker 1: index futures are dropping while bonds fall as euro Zone 221 00:12:44,080 --> 00:12:47,600 Speaker 1: inflation accelerates to a fresh all time high, intensifying the 222 00:12:47,640 --> 00:12:50,719 Speaker 1: debate at the European Central Bank about how rapidly to 223 00:12:50,800 --> 00:12:53,200 Speaker 1: raise interest rates. We checked the markets every fifteen minutes 224 00:12:53,240 --> 00:12:56,720 Speaker 1: throughout the trading day. On Bloomberg SMP futures down twenty 225 00:12:56,800 --> 00:13:00,120 Speaker 1: six points down, futures down two two. Nowday future is 226 00:13:00,160 --> 00:13:03,000 Speaker 1: down forty two the decks in Germany's down seven tenths 227 00:13:03,000 --> 00:13:06,160 Speaker 1: of upper set ten year treasury down twenty thirty seconds, 228 00:13:06,200 --> 00:13:08,199 Speaker 1: YELD two point eight one percent. They yield on the 229 00:13:08,240 --> 00:13:11,439 Speaker 1: two year two point five three percent. NIMEX scrude oil 230 00:13:11,600 --> 00:13:13,760 Speaker 1: is up three point three percent of three dollars seventy 231 00:13:13,760 --> 00:13:16,040 Speaker 1: eight cents and a hundred eighteen dollars eighty five cents 232 00:13:16,040 --> 00:13:18,520 Speaker 1: a barrel. Comex school down a quarter percent or four 233 00:13:18,559 --> 00:13:21,480 Speaker 1: dollars twenty cents at eighteen fifty three ten announced the 234 00:13:21,600 --> 00:13:24,000 Speaker 1: euro one point oh seven to six against the dollar, 235 00:13:24,080 --> 00:13:26,480 Speaker 1: British pound one point to six oh one the end 236 00:13:26,520 --> 00:13:30,319 Speaker 1: one seven point nine zero, and Bitcoin is higher, up 237 00:13:30,360 --> 00:13:33,520 Speaker 1: one point one percent at thirty one thou six hundred dollars. 238 00:13:33,520 --> 00:13:36,000 Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with 239 00:13:36,080 --> 00:13:39,000 Speaker 1: more on what's going on around the world. Michael Karen, 240 00:13:39,000 --> 00:13:41,280 Speaker 1: thank you very much. Today will mark one week when 241 00:13:41,360 --> 00:13:44,320 Speaker 1: nineteen children and two teachers were gunned down and rob 242 00:13:44,360 --> 00:13:48,200 Speaker 1: elementary school in Uvaldi, Texas. The first of the funerals 243 00:13:48,240 --> 00:13:51,760 Speaker 1: begins this week. The w h OS top monkey pox 244 00:13:51,760 --> 00:13:55,560 Speaker 1: expert is skeptical the virus will become a global pandemic. 245 00:13:56,160 --> 00:14:00,360 Speaker 1: W h shows Dr Rosamund Lewis says anyone can at 246 00:14:00,400 --> 00:14:04,800 Speaker 1: potential risk, however, and that they're not exactly sure how 247 00:14:04,840 --> 00:14:08,720 Speaker 1: it's being spread. In the NHL Playoffs, the Rangers are 248 00:14:08,760 --> 00:14:12,120 Speaker 1: heading to the Eastern Finals after beating the Hurricanes in 249 00:14:12,200 --> 00:14:15,280 Speaker 1: Game seven, six two. In baseball, the Mets beat the 250 00:14:15,360 --> 00:14:19,200 Speaker 1: Nationals thirteen five. The Orioles beat the Red Sox ten zip. 251 00:14:19,440 --> 00:14:22,840 Speaker 1: The Giants won the A's Lost. Global News twenty four 252 00:14:22,880 --> 00:14:26,320 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 253 00:14:26,320 --> 00:14:29,280 Speaker 1: by more than seven hundred journalists and analysts more than 254 00:14:29,320 --> 00:14:33,560 Speaker 1: a hundred twenty countries. Michael Barren, this is Bloomberg. Nathan Okay, Michael, 255 00:14:33,560 --> 00:14:36,080 Speaker 1: thanks at six nineteen on Wall Street Live from the 256 00:14:36,080 --> 00:14:39,840 Speaker 1: Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak. Let's turn 257 00:14:39,880 --> 00:14:42,440 Speaker 1: now to more on our top story this morning, the 258 00:14:42,600 --> 00:14:47,520 Speaker 1: surge in oil after the European Union agreed to pursue 259 00:14:47,560 --> 00:14:52,120 Speaker 1: a partial ban on Russian crewede imports. This Canada EU 260 00:14:52,280 --> 00:14:55,360 Speaker 1: leaders summit in Brussels, where we are joined now live 261 00:14:55,400 --> 00:14:58,480 Speaker 1: by Bloomberg's Maria. It's a dale Maria, good morning, Thanks 262 00:14:58,480 --> 00:15:01,240 Speaker 1: for being with us. How significant is this? What is 263 00:15:01,280 --> 00:15:04,680 Speaker 1: the immediate impact? Look, I think it is more significant 264 00:15:04,720 --> 00:15:07,400 Speaker 1: than than the surface of the agreement would lead you 265 00:15:07,440 --> 00:15:09,320 Speaker 1: to believe. And that's the reaction that we're seeing in 266 00:15:09,360 --> 00:15:12,000 Speaker 1: the market today when it comes to oil prices. When 267 00:15:12,000 --> 00:15:14,840 Speaker 1: you look at what's in the agreements that was reached 268 00:15:14,920 --> 00:15:18,440 Speaker 1: yesterday by European leaders, especially what they say is that 269 00:15:18,480 --> 00:15:21,200 Speaker 1: they will do a ban of Russian oil that is 270 00:15:21,200 --> 00:15:25,720 Speaker 1: transported by sea. There are some exemptions to pipeline oil, 271 00:15:25,800 --> 00:15:28,640 Speaker 1: but in reality, this is where it gets interesting. By 272 00:15:28,680 --> 00:15:32,600 Speaker 1: cutting down seaborn, essentially you cut down two thirds of imports. 273 00:15:32,640 --> 00:15:35,640 Speaker 1: If the big bias like Germany and also countries like 274 00:15:35,680 --> 00:15:39,280 Speaker 1: Poland agree to wind down pipeline too, like they say 275 00:15:39,320 --> 00:15:41,760 Speaker 1: they will do this year. Essentially, you're looking at a 276 00:15:41,800 --> 00:15:46,080 Speaker 1: scenario in which potentially there could be a nine reduction 277 00:15:46,160 --> 00:15:49,720 Speaker 1: of Russian oil exports into the European Union. So I 278 00:15:49,720 --> 00:15:52,680 Speaker 1: would argue this deal even though it was delayed. We 279 00:15:52,800 --> 00:15:54,840 Speaker 1: talked a lot about the ins and outs and the 280 00:15:54,840 --> 00:15:58,720 Speaker 1: political commotion that happens with every big summit where you 281 00:15:58,760 --> 00:16:00,760 Speaker 1: have to agree and get to an agree meant among 282 00:16:00,800 --> 00:16:03,800 Speaker 1: twenty seven different countries that have twenty seven different interests, 283 00:16:04,200 --> 00:16:06,560 Speaker 1: I would say this is more significant than we were 284 00:16:06,600 --> 00:16:09,240 Speaker 1: expecting just a day ago when the mood was very negative. 285 00:16:09,880 --> 00:16:16,320 Speaker 1: One of the major, UH significant holdouts here potentially could 286 00:16:16,320 --> 00:16:19,360 Speaker 1: be Hungary, could I mean they've been pushing back pretty 287 00:16:19,360 --> 00:16:22,400 Speaker 1: hard against the idea of a pipeline ban. I mean, 288 00:16:22,440 --> 00:16:25,440 Speaker 1: what are the chances that we could see a pipeline 289 00:16:25,480 --> 00:16:29,960 Speaker 1: ban eventually included in this agreement. Look, I think to me, 290 00:16:30,240 --> 00:16:33,800 Speaker 1: the Hungarian resistance is a little bit overplayed. If I 291 00:16:33,800 --> 00:16:36,920 Speaker 1: have to be honest with you, the Hungarian resistance, it's 292 00:16:37,000 --> 00:16:39,480 Speaker 1: not about the impact on the market. This is a 293 00:16:39,600 --> 00:16:42,160 Speaker 1: very small faction on the market. This was about the 294 00:16:42,160 --> 00:16:44,520 Speaker 1: politics of it the European Union when it comes to 295 00:16:44,560 --> 00:16:47,360 Speaker 1: Russia and the way they tackle Russia. They always like 296 00:16:47,440 --> 00:16:50,640 Speaker 1: to do things unanimously. They don't want to show cracks 297 00:16:50,680 --> 00:16:54,440 Speaker 1: in the union. For them, that unanimity and that union 298 00:16:54,640 --> 00:16:58,080 Speaker 1: is very very important. So yes, there are some concessions 299 00:16:58,120 --> 00:17:01,120 Speaker 1: made to Hungary. They continue still to use a huge 300 00:17:01,120 --> 00:17:05,399 Speaker 1: pipeline that comes through from Russia. At presumably when we 301 00:17:05,480 --> 00:17:08,000 Speaker 1: hear the full details, there will be some financial incentive 302 00:17:08,119 --> 00:17:10,760 Speaker 1: to for them, and there's assurance that if something were 303 00:17:10,800 --> 00:17:13,200 Speaker 1: to happen on the pipeline they would get a backup. 304 00:17:13,359 --> 00:17:18,120 Speaker 1: But overall, you know, frankly, this Hungarian resistance, I think 305 00:17:18,320 --> 00:17:20,200 Speaker 1: by now it's a little bit overplayed and it's a 306 00:17:20,200 --> 00:17:23,040 Speaker 1: little bit overdone because what really matters is that you're 307 00:17:23,080 --> 00:17:25,920 Speaker 1: looking at a full band by sea that's two thirds, 308 00:17:26,000 --> 00:17:28,800 Speaker 1: and if a big country like Germany says we're committing 309 00:17:28,920 --> 00:17:32,320 Speaker 1: to kinning out pipelines, that has a much bigger impact 310 00:17:32,560 --> 00:17:34,720 Speaker 1: on the market. Again, it goes back to my earlier point. 311 00:17:34,960 --> 00:17:37,080 Speaker 1: On the best case scenario, you could see a reduction 312 00:17:37,080 --> 00:17:40,640 Speaker 1: of purchases for Russia, and this is a huge thing 313 00:17:40,800 --> 00:17:43,400 Speaker 1: for the Russians, you know, it's a big buyer there. 314 00:17:43,440 --> 00:17:45,679 Speaker 1: Essentially you're gonna lose and you have to find an 315 00:17:45,680 --> 00:17:48,960 Speaker 1: alternative buyer who in this market. Of course, they're not 316 00:17:49,080 --> 00:17:52,040 Speaker 1: stupid and they know Russian oil is tricky to manage, 317 00:17:52,119 --> 00:17:54,560 Speaker 1: so they ask for a discount. So while this is 318 00:17:54,600 --> 00:17:59,560 Speaker 1: being phased in Maria, what's being done to backstop energy 319 00:17:59,600 --> 00:18:02,720 Speaker 1: supply is for Europe as this as this gets faced 320 00:18:02,760 --> 00:18:06,440 Speaker 1: in look, I think, to me, what's interesting more than 321 00:18:06,520 --> 00:18:09,359 Speaker 1: what's being done. It's kind of what isn't being done 322 00:18:09,640 --> 00:18:11,840 Speaker 1: going forward? To me, it's very tending. When I spoke 323 00:18:11,920 --> 00:18:14,720 Speaker 1: to the Belgian Prime Minister uh this morning and I 324 00:18:14,760 --> 00:18:17,600 Speaker 1: asked him that question. You've done cold, you've done oil. 325 00:18:18,000 --> 00:18:20,520 Speaker 1: Are we open now to gas? Is that the next 326 00:18:20,640 --> 00:18:23,720 Speaker 1: frontier here? Remember this is always seen as the big 327 00:18:23,760 --> 00:18:26,760 Speaker 1: Geo political weapon for Russia when it comes to the EU. 328 00:18:26,920 --> 00:18:30,479 Speaker 1: And he told me quite candidly, quite frank, I don't 329 00:18:30,600 --> 00:18:32,800 Speaker 1: think it's the time to go further, he told me, 330 00:18:32,920 --> 00:18:36,560 Speaker 1: with this oil embargo, the full implications of it, the 331 00:18:36,600 --> 00:18:39,760 Speaker 1: full significance, Let's just take time to digest what we've 332 00:18:39,760 --> 00:18:42,280 Speaker 1: done and then we can look into anything else. But 333 00:18:42,480 --> 00:18:45,520 Speaker 1: for the time being, he told me, we've kind of 334 00:18:45,560 --> 00:18:48,000 Speaker 1: reached the limits on the energy sanctions. We need to 335 00:18:48,000 --> 00:18:50,800 Speaker 1: take a box all right, So about thirty seconds left here, Maria, 336 00:18:50,880 --> 00:18:53,560 Speaker 1: what's the next step here? Is there going to be 337 00:18:53,600 --> 00:18:55,840 Speaker 1: a vote on this deal? Where where does it go 338 00:18:55,920 --> 00:18:59,760 Speaker 1: from here? I think tomorrow it's more the technical aspect 339 00:19:00,040 --> 00:19:02,359 Speaker 1: bit and just the final print that gets done not 340 00:19:02,480 --> 00:19:05,320 Speaker 1: by the politicians but by all of the many officials 341 00:19:05,320 --> 00:19:07,840 Speaker 1: and figures, so we don't see take the lame light, 342 00:19:07,960 --> 00:19:09,919 Speaker 1: but they really work on the technic candory. So I 343 00:19:09,960 --> 00:19:13,160 Speaker 1: think tomorrow it will be about the fine print, but overall, 344 00:19:13,240 --> 00:19:16,359 Speaker 1: the overall arch of this is already agreed. All right, 345 00:19:16,400 --> 00:19:18,600 Speaker 1: thanks as always for staying on top of all of this. 346 00:19:18,640 --> 00:19:24,000 Speaker 1: As we've been watching this agreement on sanctions on Russian 347 00:19:24,080 --> 00:19:28,320 Speaker 1: energy move forward in Brussels, Bloomberg's Maria Todale joining us 348 00:19:28,480 --> 00:19:31,520 Speaker 1: live from the capital of the European Union. And as 349 00:19:31,520 --> 00:19:34,280 Speaker 1: we look ahead to the market open here on Wall Street, 350 00:19:34,800 --> 00:19:38,239 Speaker 1: futures are pointing to losses. We have SMP futures right 351 00:19:38,240 --> 00:19:41,080 Speaker 1: now down twenty eight points down, futures down two to three, 352 00:19:41,200 --> 00:19:44,719 Speaker 1: Nastack futures are lower by forty nine points. The tenure 353 00:19:44,760 --> 00:19:47,439 Speaker 1: treasury is down twenty thirty seconds with the yield two 354 00:19:47,520 --> 00:19:51,240 Speaker 1: point two and just looking at oil right now, nimex 355 00:19:51,280 --> 00:19:54,399 Speaker 1: screwed up three point three percent or three dollars seventy 356 00:19:54,440 --> 00:19:57,280 Speaker 1: seven sets trying to get a hundred eighteen dollars eighty 357 00:19:57,359 --> 00:20:02,080 Speaker 1: four cents on the IMAX. You're listening to Bloomberg Daybreak. 358 00:20:07,400 --> 00:20:10,160 Speaker 1: Every Daybreak is brought to you by Pepack Private Wealth Management. 359 00:20:10,200 --> 00:20:13,000 Speaker 1: Pepack Private Wealth Management knows that the portfolio is more 360 00:20:13,040 --> 00:20:15,359 Speaker 1: than a collection of assets, it's a path to your future. 361 00:20:15,480 --> 00:20:18,919 Speaker 1: Visit Pepack Private dot com and begin your financial legacy today. 362 00:20:22,080 --> 00:20:26,600 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York, 363 00:20:26,720 --> 00:20:31,400 Speaker 1: Bloomberg Living Free to Washington, d C. Bloomberg to Boston, 364 00:20:31,480 --> 00:20:35,400 Speaker 1: Bloomberg one six one does San Francisco, Bloomberg Known sixteen 365 00:20:35,440 --> 00:20:38,240 Speaker 1: to the country Sirius xm Chado one nine team, and 366 00:20:38,320 --> 00:20:41,680 Speaker 1: around the globe the Bloomberg Business app and Bloomberg Radio 367 00:20:41,800 --> 00:20:50,639 Speaker 1: dot Com. This is Bloomberg Daybreak at six thirty on 368 00:20:50,640 --> 00:20:53,880 Speaker 1: Wall Street. Good Boarding. I'm Nathan Hagar and I'm Karen Moscow, 369 00:20:54,000 --> 00:20:56,280 Speaker 1: and we're just about three hours away from the open 370 00:20:56,280 --> 00:20:58,320 Speaker 1: of US trading. Time for the five things that you 371 00:20:58,359 --> 00:21:00,199 Speaker 1: need to know to start your day. Brought to you 372 00:21:00,320 --> 00:21:03,719 Speaker 1: by Interactive Brokers, global analyst. It helps you find new 373 00:21:03,720 --> 00:21:08,040 Speaker 1: global investment opportunities to diversify your portfolio and discover undervalued 374 00:21:08,080 --> 00:21:11,639 Speaker 1: companies that may have greater growth potential. Try ib k 375 00:21:11,920 --> 00:21:15,160 Speaker 1: R Global Analysts Today at ibk R dot com slash 376 00:21:15,240 --> 00:21:17,960 Speaker 1: g A. Now, at first, you begin with the oil, 377 00:21:18,000 --> 00:21:20,280 Speaker 1: which is on the rise. This morning it is up 378 00:21:20,320 --> 00:21:22,960 Speaker 1: three and a third percent. The game comes after European 379 00:21:23,040 --> 00:21:25,600 Speaker 1: Union leaders agreed to seek a ban on imports of 380 00:21:25,640 --> 00:21:28,800 Speaker 1: most Russian oil. Bloombarrus Maria Today OH has the latest 381 00:21:28,840 --> 00:21:32,000 Speaker 1: from Brussels. When you look at the actual content, the 382 00:21:32,040 --> 00:21:35,040 Speaker 1: Europeans say that on the best case scenario, if this 383 00:21:35,200 --> 00:21:38,000 Speaker 1: deal is fully applied by the end of the year, 384 00:21:38,960 --> 00:21:43,520 Speaker 1: of Russian oil exports coming into the European Union will 385 00:21:43,600 --> 00:21:47,560 Speaker 1: essentially be shut off. Bloomers Maria Today O says EU 386 00:21:47,720 --> 00:21:50,520 Speaker 1: leader has offered Hungary a guarantee that it will receive 387 00:21:50,640 --> 00:21:54,760 Speaker 1: replacement supplies if pipelines were disrupted. Hungary have been blocking 388 00:21:54,760 --> 00:21:58,880 Speaker 1: an embargo and will continue receiving Russian oil via pipeline. 389 00:21:58,760 --> 00:22:00,960 Speaker 1: In response to that jump, at wealcare and stocks in 390 00:22:01,000 --> 00:22:04,600 Speaker 1: Asia fluctuated and treasuries sold off across the curve. Well 391 00:22:04,680 --> 00:22:07,920 Speaker 1: Nathan here in the US, Federal Reserve Governor Christopher Waller 392 00:22:08,000 --> 00:22:10,520 Speaker 1: says he wants to keep raising interest rates and half 393 00:22:10,560 --> 00:22:14,560 Speaker 1: percentage point steps until inflation is under control. He also 394 00:22:14,600 --> 00:22:18,639 Speaker 1: believes reducing the Fed balance sheet could curb inflation. Athesis 395 00:22:18,680 --> 00:22:21,920 Speaker 1: are highly in certain using a variety of mobs and assumptions. 396 00:22:22,280 --> 00:22:27,040 Speaker 1: The O wall overall reduction in the balance sheet is 397 00:22:27,200 --> 00:22:29,600 Speaker 1: estimated to be equivalent to a couple of twenty five 398 00:22:29,640 --> 00:22:34,639 Speaker 1: basis radars, and Federal Reserve Governor Christopher Waller again cautioning 399 00:22:34,680 --> 00:22:37,760 Speaker 1: those estimates were uncertain. He's spoken an event hosted by 400 00:22:37,800 --> 00:22:41,080 Speaker 1: the Institute for Monetary and Financial Stability also this morning, 401 00:22:41,119 --> 00:22:44,200 Speaker 1: Careen Eurozone inflation accelerating to a fresh all time high. 402 00:22:44,280 --> 00:22:47,000 Speaker 1: Consumer prices jumped eight point one percent from a year 403 00:22:47,000 --> 00:22:49,560 Speaker 1: earlier in May that exceeded the seven point eight percent 404 00:22:49,680 --> 00:22:53,000 Speaker 1: media estimate in a Bloomberg survey. Well Nathan, inflation will 405 00:22:53,040 --> 00:22:55,920 Speaker 1: be a key topic of discussion when President Biden holds 406 00:22:55,920 --> 00:22:58,680 Speaker 1: a rare meeting today with the chair of the Federal Reserve. 407 00:22:59,040 --> 00:23:01,760 Speaker 1: Fresh off a visit to Yevaldi, Texas, where a gunman 408 00:23:01,880 --> 00:23:05,119 Speaker 1: killed nineteen children and two teachers last week. The President 409 00:23:05,160 --> 00:23:08,240 Speaker 1: of the New calls for Congress to crackdown on gun violence. 410 00:23:08,320 --> 00:23:10,760 Speaker 1: At Turning to Markets, Karen wall Street snapped a seven 411 00:23:10,760 --> 00:23:13,800 Speaker 1: week losing street with Morgan Stanley Chief investment Officer Michael 412 00:23:13,840 --> 00:23:16,600 Speaker 1: Wilson says the relief may be short lived. Wilson wrote 413 00:23:16,640 --> 00:23:18,439 Speaker 1: in a recent note that last week will prove to 414 00:23:18,440 --> 00:23:21,040 Speaker 1: be another bear market rally. He believes, with growth slowing, 415 00:23:21,040 --> 00:23:23,800 Speaker 1: earnings estimates are too high. And that's the five things 416 00:23:23,960 --> 00:23:25,840 Speaker 1: you need to know to start your day. Brought to 417 00:23:25,920 --> 00:23:30,159 Speaker 1: you by Interactive Brokers SMP Future is down twenty seven points. 418 00:23:30,160 --> 00:23:33,439 Speaker 1: Straight ahead your latest local headlines, plus a check of sports. 419 00:23:33,480 --> 00:23:40,440 Speaker 1: This is Bloomberg, Thanks Karen. Six Wall Street seventy five 420 00:23:40,440 --> 00:23:42,679 Speaker 1: degrees in Central Park, still dealing with an accident on 421 00:23:42,680 --> 00:23:45,200 Speaker 1: the westbound l I E of wood Haven Boulevards. Details 422 00:23:45,200 --> 00:23:47,600 Speaker 1: count up in traffic. First Michael Barr with more of 423 00:23:47,680 --> 00:23:49,440 Speaker 1: what's going on in New York and around the world. 424 00:23:49,440 --> 00:23:53,080 Speaker 1: Good morning Michael, Good morning Nathan. A brazen theft desecrated 425 00:23:53,080 --> 00:23:56,680 Speaker 1: a Brooklyn church and irreplaceable part of an altar were stolen. 426 00:23:57,040 --> 00:24:00,840 Speaker 1: Police say someone broken do St. Augustine's Roman Catholic Church 427 00:24:01,280 --> 00:24:04,360 Speaker 1: and apparently used a power soul to steal the eighteen 428 00:24:04,400 --> 00:24:09,760 Speaker 1: carrot gold tabernacle. Marble angel statues flanking the tabernacle were 429 00:24:09,960 --> 00:24:15,000 Speaker 1: decapitated and destroyed. Recordings from the church's security system were stolen, 430 00:24:15,359 --> 00:24:18,520 Speaker 1: the Diocese of Brooklyn calling it a brazen crime of 431 00:24:18,560 --> 00:24:22,159 Speaker 1: disrespect and hate. New York Governor Cathy Hoco honored the 432 00:24:22,160 --> 00:24:25,959 Speaker 1: commemoration of the twentieth anniversary of the formal end of 433 00:24:26,040 --> 00:24:30,679 Speaker 1: recovery operations at Ground Zero. Speaking a memorial Day, she 434 00:24:30,720 --> 00:24:34,399 Speaker 1: says more names are added from nine eleven because people 435 00:24:34,440 --> 00:24:37,720 Speaker 1: succumbed to the illnesses that they had no idea that 436 00:24:37,760 --> 00:24:41,800 Speaker 1: they were exposed to. For two hundred and sixty days, 437 00:24:42,320 --> 00:24:48,240 Speaker 1: people showed up here exposed to toxins and contaminants. So 438 00:24:48,320 --> 00:24:50,320 Speaker 1: the loss of lights that occurred on that day, we 439 00:24:50,320 --> 00:24:54,280 Speaker 1: did not know it. Then Governor Hokel, speaking of the pandemic, says, 440 00:24:54,359 --> 00:24:57,200 Speaker 1: I know we're going to come back after this, and 441 00:24:57,280 --> 00:25:00,359 Speaker 1: we will come back even stronger than before, because we 442 00:25:00,400 --> 00:25:04,440 Speaker 1: showed we did it twenty years ago. The residents of Vivaldi, Texas, 443 00:25:04,440 --> 00:25:07,520 Speaker 1: will bury their dead this week. Last week, a gunman 444 00:25:07,600 --> 00:25:10,719 Speaker 1: killed nineteen children and two teachers, victims of a shooting 445 00:25:10,760 --> 00:25:14,560 Speaker 1: rampage at the rob Elementary School. The town's mayor, Don 446 00:25:14,680 --> 00:25:18,040 Speaker 1: McLaughlin says the school building should be raised. It needs 447 00:25:18,080 --> 00:25:21,159 Speaker 1: to be torn down. I would never ask expect a 448 00:25:21,240 --> 00:25:24,639 Speaker 1: child had to ever walk in those doors, ever and 449 00:25:24,720 --> 00:25:28,639 Speaker 1: ever again. The building needs to be gone. Mayor McLaughlin says, 450 00:25:28,680 --> 00:25:31,280 Speaker 1: though the community is strong and they will get through it. 451 00:25:31,600 --> 00:25:34,520 Speaker 1: Canadian Prime Minister Justin Trudeau announced an effort to ban 452 00:25:34,680 --> 00:25:39,960 Speaker 1: handguns across the country. The legislation, if passed, prohibits the purchase, sale, transfer, 453 00:25:40,280 --> 00:25:43,840 Speaker 1: and import of handguns in all provinces. Speaking in Ottawa, 454 00:25:43,960 --> 00:25:48,040 Speaker 1: Trudeaux also announced mandatory buy backs for assault weapons. In 455 00:25:48,119 --> 00:25:52,840 Speaker 1: the situations where someone chooses to keep that weapon, it 456 00:25:53,000 --> 00:25:58,840 Speaker 1: needs to be permanently and irrevocably disabled by the government 457 00:25:58,960 --> 00:26:01,800 Speaker 1: or by x to make sure that it could never 458 00:26:01,960 --> 00:26:05,400 Speaker 1: again be used as a fire for a ministry, true dope. 459 00:26:05,680 --> 00:26:09,160 Speaker 1: It's now a tropical storm after Hurricane Agatha made landfall 460 00:26:09,200 --> 00:26:12,600 Speaker 1: in Mexico and what's expected to be the strongest May 461 00:26:12,720 --> 00:26:16,600 Speaker 1: storm to hit the Eastern Pacific. On the record, Global 462 00:26:16,640 --> 00:26:18,800 Speaker 1: News twenty four hours a day on here and on 463 00:26:18,840 --> 00:26:21,680 Speaker 1: Bloomberg quit take power by more than seven hundred journalists 464 00:26:21,680 --> 00:26:24,040 Speaker 1: and analysts in more than a hundred twenty countries on 465 00:26:24,119 --> 00:26:26,720 Speaker 1: Michael Barr, this is Bloomberg. Nathan all right, Michael, thank you, 466 00:26:31,520 --> 00:26:34,040 Speaker 1: just about six thirty six on Wall Street, John stash 467 00:26:34,040 --> 00:26:36,760 Speaker 1: Hour as the Bloomberg Sports Update. Thanks Dathan. The Rangers 468 00:26:36,760 --> 00:26:39,520 Speaker 1: have certainly not made things easy on themselves. Round one 469 00:26:39,560 --> 00:26:42,080 Speaker 1: with Pittsburgh down three games no one, of course one 470 00:26:42,119 --> 00:26:44,200 Speaker 1: three in a roundquinning games seven overtime. And then round 471 00:26:44,240 --> 00:26:46,440 Speaker 1: two with Carolina down two games than none and then 472 00:26:46,480 --> 00:26:49,720 Speaker 1: three two but another game seven win, and this one 473 00:26:49,800 --> 00:26:52,320 Speaker 1: was easier. Adam Fox scorn of power play goal and 474 00:26:52,400 --> 00:26:55,000 Speaker 1: later in the first another man advantage. I'm tough the board, 475 00:26:55,040 --> 00:27:05,399 Speaker 1: supremuck score Chris Kryder. What a defliction meebandage that shot 476 00:27:05,480 --> 00:27:11,960 Speaker 1: pass Chris Kryd. It's all power play goalp and Krider 477 00:27:12,000 --> 00:27:15,720 Speaker 1: would score again. Ryan Strong, Filipeo, Andrew copp All scorts 478 00:27:15,720 --> 00:27:19,440 Speaker 1: advantage at at three, siss Igorsi, Surkin rock solid again 479 00:27:19,480 --> 00:27:21,840 Speaker 1: and goal in. The Rangers beat the Hurricane six to two, 480 00:27:21,920 --> 00:27:23,919 Speaker 1: and they will play Tampa Bay in the East Final 481 00:27:24,320 --> 00:27:26,560 Speaker 1: Game one tomorrow at the Garden. The Mets in their 482 00:27:26,640 --> 00:27:28,760 Speaker 1: history have never had this BIGG Division lead in the 483 00:27:28,760 --> 00:27:31,159 Speaker 1: month of May. They beat the Nationals in City Field 484 00:27:31,160 --> 00:27:34,119 Speaker 1: thirteen to five. Peter Alonzo, Homer so dis Sterling, Markday 485 00:27:34,119 --> 00:27:36,159 Speaker 1: and Nick Plumber the Hero. On Sunday he drove in 486 00:27:36,480 --> 00:27:38,400 Speaker 1: four more than Mets ahead by nine and a half 487 00:27:38,480 --> 00:27:41,200 Speaker 1: games in the NLS. Yankees said that first day off 488 00:27:41,240 --> 00:27:43,560 Speaker 1: in three weeks they'll host the x met Noah Syndergarden 489 00:27:43,560 --> 00:27:47,240 Speaker 1: the Angels Tonight French Open fourth round. Daniel Medvedev and 490 00:27:47,320 --> 00:27:50,959 Speaker 1: Stefano sits at Fosta too and four seeds both lost. 491 00:27:51,000 --> 00:27:54,920 Speaker 1: American Jes Peluga is into the women's quarterfinals. Markets match today, 492 00:27:55,000 --> 00:27:58,280 Speaker 1: Raphael the Dalla versus Novak Djokovic, n C double A 493 00:27:58,400 --> 00:28:05,360 Speaker 1: lacrosse final un Maryland beat Cornell. Bloomberg Sports Okay, John, 494 00:28:05,400 --> 00:28:07,520 Speaker 1: thanks at six thirty seven on Wall Street Time now 495 00:28:07,600 --> 00:28:09,160 Speaker 1: to take a look at stock, some of the names 496 00:28:09,200 --> 00:28:11,119 Speaker 1: moving in the pre market as we get ready for 497 00:28:11,160 --> 00:28:14,440 Speaker 1: the final trading day of a very rough month of day. 498 00:28:14,560 --> 00:28:18,200 Speaker 1: We are joined this morning by Bloomberg's Laura, Right, Laura, 499 00:28:18,240 --> 00:28:22,200 Speaker 1: We've got futures moving lower. What's scot your eye this morning? Well, 500 00:28:22,200 --> 00:28:26,040 Speaker 1: I'm looking at crypto names this morning. Look bitcoing back 501 00:28:26,080 --> 00:28:29,800 Speaker 1: above thirty thousands showing some signs of bottoming out, and 502 00:28:29,880 --> 00:28:32,520 Speaker 1: last week we saw a decoupling between the SMP five 503 00:28:32,600 --> 00:28:35,880 Speaker 1: hundred and bitcoin, although it's still unclear what quant state 504 00:28:35,920 --> 00:28:41,200 Speaker 1: of tighting means for risk assets, Riot blockchain almost six percent, 505 00:28:41,360 --> 00:28:45,760 Speaker 1: Marathon Digital seven percent, coin based four percent, all ahead 506 00:28:45,760 --> 00:28:49,360 Speaker 1: of the open, and we're also seeing a pretty big 507 00:28:49,400 --> 00:28:53,280 Speaker 1: surge in crude prices as well. I see you're keeping 508 00:28:53,280 --> 00:28:55,959 Speaker 1: an eye on Chinese A d R S is uh 509 00:28:56,600 --> 00:28:59,240 Speaker 1: the commodities space having an impact on what's happening there. 510 00:29:00,560 --> 00:29:02,680 Speaker 1: It is, but the news line is really d D 511 00:29:02,880 --> 00:29:07,440 Speaker 1: Global virus cubs easing in China, so d D Global 512 00:29:07,480 --> 00:29:09,960 Speaker 1: the right hailing firms sent a message to their customers 513 00:29:10,200 --> 00:29:14,400 Speaker 1: in Shanghai, areas with low COVID cases can resume. Also 514 00:29:14,480 --> 00:29:17,480 Speaker 1: Ali Barbara j D dot Com up four and a 515 00:29:17,520 --> 00:29:21,320 Speaker 1: half percent and six point seven percent respectively in Shanghai. 516 00:29:21,360 --> 00:29:24,920 Speaker 1: Look public transport resumes on Wednesday, and Beijing are allowing 517 00:29:24,960 --> 00:29:27,880 Speaker 1: some shopping centers to reopen even now. And we had 518 00:29:27,880 --> 00:29:30,600 Speaker 1: a beat on data out of China earlier this morning, 519 00:29:30,640 --> 00:29:34,320 Speaker 1: both manufacturing and non manufacturing p M, showing that the 520 00:29:34,360 --> 00:29:38,160 Speaker 1: economy of the world's second largest country is contracting at 521 00:29:38,200 --> 00:29:40,600 Speaker 1: a slower pace, and that implies maybe the worst of 522 00:29:40,640 --> 00:29:45,840 Speaker 1: the economic fallout is over. How's that potentially affecting Tesla? 523 00:29:45,960 --> 00:29:50,520 Speaker 1: Obviously they've been pretty well impacted by the shutdown in Shanghai. 524 00:29:51,240 --> 00:29:53,840 Speaker 1: Can I just say we are talking about Tesla without 525 00:29:53,920 --> 00:29:59,880 Speaker 1: the Twitter deal. This it's a new world that we've 526 00:30:00,760 --> 00:30:04,680 Speaker 1: we learned. Look Tasa, they're keeping their factory bubble isolation 527 00:30:04,760 --> 00:30:08,680 Speaker 1: system in place until June the tenth. According to people familiar. 528 00:30:09,160 --> 00:30:12,400 Speaker 1: That's even as Shanghai eases the virus curves. Now, the 529 00:30:12,440 --> 00:30:17,160 Speaker 1: Shanghai plant apparently lost forty units of output in March 530 00:30:17,200 --> 00:30:19,760 Speaker 1: because it was shut for three weeks. And it's significant 531 00:30:19,760 --> 00:30:25,760 Speaker 1: because the Shanghai Tessa plant is the electrivehicle makers primary 532 00:30:25,880 --> 00:30:30,360 Speaker 1: production hub, overtaking the California plant last year. But that 533 00:30:30,480 --> 00:30:33,760 Speaker 1: could lead to some revolt from employees. That's what we 534 00:30:33,800 --> 00:30:36,440 Speaker 1: saw from an Apple supplier last week because they have 535 00:30:36,560 --> 00:30:42,120 Speaker 1: to still live on site and test constantly. It's always lower. Right. 536 00:30:42,280 --> 00:30:44,280 Speaker 1: Thanks for being with us as we keep an eye 537 00:30:44,320 --> 00:30:47,040 Speaker 1: on what's happening in the pre market and looking at 538 00:30:47,040 --> 00:30:50,480 Speaker 1: starts as a whole. As we get set for this 539 00:30:50,880 --> 00:30:53,240 Speaker 1: final open of the month of May. We have futures 540 00:30:53,320 --> 00:30:57,200 Speaker 1: moving lower, with SMP futures right now down eighteen points, 541 00:30:57,640 --> 00:31:02,720 Speaker 1: Dow futures down six, naz DEC futures down nineteen points, 542 00:31:02,720 --> 00:31:05,600 Speaker 1: so pairing some of the earlier losses we've been seeing 543 00:31:05,680 --> 00:31:09,640 Speaker 1: in this session. The tenure treasury right now down seconds, 544 00:31:09,640 --> 00:31:13,520 Speaker 1: with the yield at two nim X crew trading at 545 00:31:13,440 --> 00:31:15,920 Speaker 1: a hundred eighteen dollars ninety three cents a barrel. That's 546 00:31:15,920 --> 00:31:18,840 Speaker 1: a gain of three and the third percent. This is 547 00:31:18,880 --> 00:31:24,760 Speaker 1: Bloomberg Bloomberg eleven three oh weather sunny and hot today 548 00:31:24,800 --> 00:31:26,880 Speaker 1: with a higher ninety five degrees, will be back in 549 00:31:26,920 --> 00:31:29,480 Speaker 1: the low seventies tomorrow. Is cloud to move in, giving 550 00:31:29,520 --> 00:31:31,840 Speaker 1: us a chance for a shower. Could see a thundershower 551 00:31:31,920 --> 00:31:34,240 Speaker 1: late Thursday with a high year eighty right now seventy 552 00:31:34,240 --> 00:31:40,200 Speaker 1: five degrees. Markets, headlines and breaking news twenty four hours 553 00:31:40,240 --> 00:31:43,200 Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business at 554 00:31:43,320 --> 00:31:52,560 Speaker 1: and at Bloomberg Quick Tape. He's a Bloomberg Business Flash 555 00:31:53,000 --> 00:31:55,920 Speaker 1: and I'm Karen Moscow and futures are lower. This morning, 556 00:31:55,920 --> 00:31:58,080 Speaker 1: we had the first word breaking news dash for today's 557 00:31:58,120 --> 00:32:01,760 Speaker 1: morning call. Here's fill Maloney Bill morning and good morning Karen. 558 00:32:01,800 --> 00:32:03,840 Speaker 1: That's right. US features are in the red right now, 559 00:32:03,840 --> 00:32:05,920 Speaker 1: A death futures down a hundred and fifteen points as 560 00:32:05,960 --> 00:32:09,280 Speaker 1: if you dropped fifteen well. Nastic futures are down by six. 561 00:32:09,680 --> 00:32:12,280 Speaker 1: The US ten year old at two point eight two percent, 562 00:32:12,360 --> 00:32:15,640 Speaker 1: Gold is down five and oilist climbing as EU leaders 563 00:32:15,680 --> 00:32:19,760 Speaker 1: agreed to pursue a partial ban on Russian crude. Bitcoin 564 00:32:19,880 --> 00:32:22,200 Speaker 1: is trading higher by one point one percent and Shanghai 565 00:32:22,280 --> 00:32:25,400 Speaker 1: rose one point two percent overnight, while UPM markets are 566 00:32:25,440 --> 00:32:28,080 Speaker 1: mostly in the red This morning, back in the US 567 00:32:28,120 --> 00:32:30,480 Speaker 1: on the economic front at nine five Chicago p m 568 00:32:30,480 --> 00:32:33,760 Speaker 1: I and at ten o'clock consumer confidence. In other news 569 00:32:33,800 --> 00:32:36,160 Speaker 1: that one fifteen, Biden will hold a meeting with fed 570 00:32:36,240 --> 00:32:40,320 Speaker 1: share Powell and you know, Leaver appointed activist investor Nelson 571 00:32:40,360 --> 00:32:44,240 Speaker 1: Peltz as a non executive director. Wrapping things up, American 572 00:32:44,280 --> 00:32:47,840 Speaker 1: Eagle was cut to underweight well Ratt Morton Stanley Live 573 00:32:47,920 --> 00:32:51,040 Speaker 1: from the first breaking News deskm Bill Maloney care all right, Bill, 574 00:32:51,080 --> 00:32:53,000 Speaker 1: thank you to hear live breaking news over your Bloomberg 575 00:32:53,080 --> 00:32:55,600 Speaker 1: type squawk on your terminal ascue You a w K 576 00:32:55,720 --> 00:32:58,160 Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr 577 00:32:58,200 --> 00:33:01,280 Speaker 1: with Mouram what's going on around the world, Karen, thank 578 00:33:01,280 --> 00:33:04,000 Speaker 1: you very much. The first of twenty one funerals begins 579 00:33:04,040 --> 00:33:08,280 Speaker 1: this week in Uvaldi, Texas, Texas officials saying Uvaldi Schools 580 00:33:08,320 --> 00:33:12,720 Speaker 1: Police Chief Pete Aredondo wrongly believed that they were dealing 581 00:33:12,720 --> 00:33:16,760 Speaker 1: with a beverricaded subject, not an active shooter. Uvaldi's mayor 582 00:33:16,840 --> 00:33:21,480 Speaker 1: announced Eredondo's scheduled city council swarring in ceremony is canceled 583 00:33:21,480 --> 00:33:25,040 Speaker 1: for now as the city grieves. Under his new legislation, 584 00:33:25,120 --> 00:33:28,840 Speaker 1: Canadian Preme Minister Justin Trudeaux wants to ban all sales 585 00:33:28,840 --> 00:33:32,560 Speaker 1: and transfers of handguns in Canada. He also wants guns 586 00:33:32,600 --> 00:33:36,320 Speaker 1: taken away from domestic violence and stalking suspects. In the 587 00:33:36,440 --> 00:33:40,200 Speaker 1: NHL Playoffs, the Rangers are heading to the Eastern Finals 588 00:33:40,520 --> 00:33:44,400 Speaker 1: after beating the Hurricanes in Game seven, six two. In baseball, 589 00:33:44,440 --> 00:33:47,880 Speaker 1: the Mets beat the Nationals thirteen five orioles all over 590 00:33:47,920 --> 00:33:50,960 Speaker 1: the Red Sox ten zip. The Giants won the A's 591 00:33:51,040 --> 00:33:54,320 Speaker 1: Lost Global News twenty four hours a day on air 592 00:33:54,400 --> 00:33:57,600 Speaker 1: and on Bloomberg Quick Take, powered by more than twenty 593 00:33:57,680 --> 00:34:01,240 Speaker 1: seven hundred journalists and analysts in more than twenty countries. 594 00:34:01,280 --> 00:34:04,520 Speaker 1: I'm Michael Barr and this is Bloomberg. Karen. Al right, Michael, 595 00:34:04,560 --> 00:34:07,080 Speaker 1: thank you. Sixty nine on Wall Street. Returned to news 596 00:34:07,080 --> 00:34:09,560 Speaker 1: and science and technology now at the Bloomberg n j 597 00:34:09,719 --> 00:34:12,480 Speaker 1: I T. Stam report brought to you by New Jersey 598 00:34:12,520 --> 00:34:16,120 Speaker 1: Institute of Technology, one of the nation's leading polytechnic universities 599 00:34:16,160 --> 00:34:18,880 Speaker 1: in a top military friendly school. Learned more at n 600 00:34:18,920 --> 00:34:21,879 Speaker 1: j I T dot edu, slash Veterans and now here's 601 00:34:21,880 --> 00:34:25,600 Speaker 1: It's making news and Science, Technology, Engineering, and math. President 602 00:34:25,640 --> 00:34:27,920 Speaker 1: Biden is set to meet with Fed share J. Powell 603 00:34:28,000 --> 00:34:31,840 Speaker 1: as storing inflation takes a might of Americans pocketbooks. Today's 604 00:34:31,920 --> 00:34:34,600 Speaker 1: meeting will be the first since Biden renominated Powell to 605 00:34:34,680 --> 00:34:37,360 Speaker 1: lead the Central Bank and comes weeks after his confirmation 606 00:34:37,440 --> 00:34:40,319 Speaker 1: for a second term by the Senate. Some some live 607 00:34:40,400 --> 00:34:43,080 Speaker 1: strains in the US are easing two years after a 608 00:34:43,200 --> 00:34:46,400 Speaker 1: jump and demand started, emptying shelves, snarling shipping, and sewing 609 00:34:46,400 --> 00:34:49,520 Speaker 1: the seeds of storing inflation. The line of twenty five 610 00:34:49,520 --> 00:34:52,759 Speaker 1: cargo ships headed to southern California's two big ports is 611 00:34:52,880 --> 00:34:55,560 Speaker 1: less than a quarter of the record backup in January, 612 00:34:55,880 --> 00:34:59,360 Speaker 1: and spot container rates have dropped almost this year. But 613 00:34:59,480 --> 00:35:02,240 Speaker 1: for every sign that a cooling economy will give supply 614 00:35:02,320 --> 00:35:05,839 Speaker 1: chain's room to rebalance. There's a reason for skepticism. On 615 00:35:05,880 --> 00:35:08,720 Speaker 1: the East Coast, ship bottlemeex are building again. The dwell 616 00:35:08,760 --> 00:35:11,359 Speaker 1: time for containers is still climbing at rail yards near 617 00:35:11,440 --> 00:35:14,479 Speaker 1: Chicago and Kansas City, and for the first time since 618 00:35:14,480 --> 00:35:17,319 Speaker 1: early March, the number of daily coronavirus cases in China 619 00:35:17,400 --> 00:35:20,800 Speaker 1: has dropped below a hundred. Still only Kron's contagiousness means 620 00:35:20,840 --> 00:35:24,400 Speaker 1: that reprieve from infections and the tough COVID zero response 621 00:35:24,480 --> 00:35:27,800 Speaker 1: may only be temporary. Both Beijing and Shanghai have started 622 00:35:27,840 --> 00:35:31,000 Speaker 1: to loosen restrictions on mobility, and as a Bloomberg and 623 00:35:31,120 --> 00:35:33,880 Speaker 1: j I. T Stem report Nathan Okay Karen We are 624 00:35:33,960 --> 00:35:36,640 Speaker 1: live from the Bloomberg Interactive Brokers studios, where it's nearly 625 00:35:36,640 --> 00:35:38,839 Speaker 1: six fifty one on Wall Street, typed out of check 626 00:35:38,880 --> 00:35:40,560 Speaker 1: what's going on in d C, where some of the 627 00:35:40,560 --> 00:35:44,040 Speaker 1: top stories include President Biden expressing futility when it comes 628 00:35:44,040 --> 00:35:47,160 Speaker 1: to guns after an emotional trip to Vivaldi, President to 629 00:35:47,200 --> 00:35:50,239 Speaker 1: meet with that Chair J. Powell later this afternoon, and 630 00:35:50,360 --> 00:35:54,640 Speaker 1: former Trump A Peter Navarro subpoened over January six. Let's 631 00:35:54,640 --> 00:35:56,759 Speaker 1: get more on all these stories now Joe Matthews back 632 00:35:56,760 --> 00:35:59,640 Speaker 1: with us Are Washington Correspondent, host of Bloomberg Sound On 633 00:35:59,800 --> 00:36:03,640 Speaker 1: Here on Bloomberg Radio. Joe interesting to hear Michael Barr 634 00:36:03,640 --> 00:36:05,840 Speaker 1: point out the moves that are being made in Canada 635 00:36:05,880 --> 00:36:09,120 Speaker 1: by Prime Minister Justin Trudeau to freeze handgun sales and 636 00:36:09,200 --> 00:36:13,960 Speaker 1: buy back assault style weapons, powers that President Biden admittedly 637 00:36:14,120 --> 00:36:17,239 Speaker 1: says he just does not have. Well, that's true when 638 00:36:17,280 --> 00:36:20,239 Speaker 1: we're reminded frequently, even though you know, part of being 639 00:36:20,239 --> 00:36:23,239 Speaker 1: the president is taking credit for things you may not 640 00:36:23,440 --> 00:36:26,000 Speaker 1: deserve and taking the blame for things you may not deserve. 641 00:36:26,000 --> 00:36:29,439 Speaker 1: That's just not always an opportunity to move mountains here, 642 00:36:29,520 --> 00:36:32,520 Speaker 1: and that's the case. Without Congress, the president cannot do 643 00:36:32,600 --> 00:36:34,520 Speaker 1: a lot. As you might remember, a few weeks ago, 644 00:36:34,880 --> 00:36:37,600 Speaker 1: he signed an executive order to help to regulate what 645 00:36:37,640 --> 00:36:41,000 Speaker 1: they call ghost guns, those that are basically homemade guns 646 00:36:41,000 --> 00:36:43,960 Speaker 1: without serial numbers. But as he said himself when he 647 00:36:44,000 --> 00:36:46,759 Speaker 1: got off the chopper yesterday and his way back to 648 00:36:46,800 --> 00:36:48,960 Speaker 1: the White House, Nathan, he does not have the power 649 00:36:48,960 --> 00:36:51,600 Speaker 1: to outlaw a weapon. He does not have the power 650 00:36:52,160 --> 00:36:54,960 Speaker 1: to change rules for things like background checks, and so 651 00:36:55,080 --> 00:36:57,120 Speaker 1: while talks are underway in the Senate right now. The 652 00:36:57,160 --> 00:37:00,279 Speaker 1: President also said he hasn't met in touch with Negotia leaders. 653 00:37:00,320 --> 00:37:02,160 Speaker 1: If you look at his schedule from over the weekend, 654 00:37:02,480 --> 00:37:05,320 Speaker 1: going to Uvaldi, going to Arlington on Memorial Day, and 655 00:37:05,360 --> 00:37:07,279 Speaker 1: a couple of other trips that have have had him 656 00:37:07,320 --> 00:37:09,800 Speaker 1: getting out and about. He's he's not trying to thumb 657 00:37:09,800 --> 00:37:13,000 Speaker 1: the scale on this. He's allowing Senator Chris Murphy, Democrat 658 00:37:13,080 --> 00:37:15,640 Speaker 1: from Connecticut, to try to lead the charge and talks 659 00:37:15,680 --> 00:37:18,839 Speaker 1: to see what might emerge, likely something around a red 660 00:37:18,880 --> 00:37:22,000 Speaker 1: flag law in the days ahead. So, uh, we have 661 00:37:22,160 --> 00:37:26,880 Speaker 1: these negotiations going forward. Here, the President is being asked 662 00:37:27,000 --> 00:37:30,560 Speaker 1: whether he's been in touch with Republicans. Is there a 663 00:37:30,600 --> 00:37:35,120 Speaker 1: sense that there is going to be some more bipartisan negotiation, 664 00:37:35,280 --> 00:37:38,240 Speaker 1: more at least communication, uh, to try to get something 665 00:37:38,280 --> 00:37:40,680 Speaker 1: move forward. It's hard to tell, obviously. You know, the 666 00:37:40,760 --> 00:37:43,400 Speaker 1: leaders have have really let the rank and file go 667 00:37:43,520 --> 00:37:45,800 Speaker 1: at it. Here. You've got John Corn and the Republican 668 00:37:45,840 --> 00:37:48,359 Speaker 1: from Texas on the Republican side, and the aforementioned Chris 669 00:37:48,440 --> 00:37:51,759 Speaker 1: Murphy on the Democratic side. The leadership Mitch McConnell Chuck 670 00:37:51,800 --> 00:37:55,600 Speaker 1: Schumer both green lit their talks and and Chuck Schumer 671 00:37:55,640 --> 00:37:58,279 Speaker 1: says this doesn't go on forever as they try to 672 00:37:58,320 --> 00:38:01,680 Speaker 1: focus on some common ground here, by the way, doing 673 00:38:01,719 --> 00:38:04,920 Speaker 1: so remotely because lawmakers are not in town right now, 674 00:38:05,000 --> 00:38:07,799 Speaker 1: so a lot of telephone meetings happening over the long 675 00:38:07,840 --> 00:38:12,400 Speaker 1: holiday weekend. If nothing takes place, if there's no common ground, 676 00:38:12,440 --> 00:38:16,000 Speaker 1: that's that's found by the time lawmakers returned to Washington. 677 00:38:16,440 --> 00:38:19,960 Speaker 1: Chuck Schumer says they're going forward with legislation that will 678 00:38:20,000 --> 00:38:23,880 Speaker 1: be written by Democrats and will likely only get voted 679 00:38:24,360 --> 00:38:26,880 Speaker 1: to approve by Democrats. The idea here is knowing it 680 00:38:26,920 --> 00:38:29,560 Speaker 1: will likely fail, but he wants to call people out. 681 00:38:29,800 --> 00:38:32,040 Speaker 1: He wants people to be on the record members yes 682 00:38:32,160 --> 00:38:36,240 Speaker 1: or no on not necessarily gun controls, but gun safety 683 00:38:36,320 --> 00:38:39,400 Speaker 1: legislation in advance of the mid terms. And that raises 684 00:38:39,440 --> 00:38:43,200 Speaker 1: the question, Joe, I think that we get asked quite 685 00:38:43,200 --> 00:38:46,479 Speaker 1: a lot when it comes to putting legislation out there 686 00:38:46,560 --> 00:38:49,120 Speaker 1: that Senate leaders know is going to fail. Is this 687 00:38:49,120 --> 00:38:53,640 Speaker 1: more about politics or is this about actually getting something done? Well, 688 00:38:53,680 --> 00:38:56,080 Speaker 1: I said, you know it could be both. To be 689 00:38:56,160 --> 00:38:58,960 Speaker 1: really honest with you, we have no reason to doubt 690 00:38:59,000 --> 00:39:01,840 Speaker 1: the motivations of Urphy Cornyn and those who are in 691 00:39:01,960 --> 00:39:04,480 Speaker 1: talks right now, those who are trying to get something 692 00:39:04,520 --> 00:39:07,560 Speaker 1: done following what happened in your Valdi, following what happened 693 00:39:07,640 --> 00:39:10,000 Speaker 1: in Buffalo. But but it comes down to simple math 694 00:39:10,080 --> 00:39:13,880 Speaker 1: here as well. And this is gonna be if anything happens, 695 00:39:13,920 --> 00:39:16,560 Speaker 1: it's going to be a heavy lift, Nathan, and so 696 00:39:16,640 --> 00:39:20,280 Speaker 1: Chuck Schumer, realizing that that his options are pretty limited 697 00:39:20,320 --> 00:39:24,200 Speaker 1: as well, would like to call Republicans out for for 698 00:39:24,280 --> 00:39:28,480 Speaker 1: not supporting gun controls. We've seen this conversation start before, 699 00:39:28,840 --> 00:39:31,319 Speaker 1: we did this after Newtown, Sandy Hook. We're doing it 700 00:39:31,360 --> 00:39:35,200 Speaker 1: again now. And whether this actually turns into reform is 701 00:39:35,239 --> 00:39:38,160 Speaker 1: a very big question. If the answers no, then Schumer, yes, 702 00:39:38,200 --> 00:39:40,520 Speaker 1: it's gonna pull the trigger on a political move to 703 00:39:40,600 --> 00:39:44,160 Speaker 1: have Republicans and Democrats vote on a bill that Republicans 704 00:39:44,160 --> 00:39:47,600 Speaker 1: will likely say no to. So Democrats are confronting their 705 00:39:47,640 --> 00:39:51,359 Speaker 1: limitations on the gun issue. And it looks as though 706 00:39:51,440 --> 00:39:55,239 Speaker 1: President Biden maybe confronting his limitations when it comes to 707 00:39:55,440 --> 00:39:59,720 Speaker 1: dealing with inflation, as he welcomes FED Chair J. Powell 708 00:39:59,760 --> 00:40:03,399 Speaker 1: to the Oval Office later today. Yeah. Interesting, it's I'm 709 00:40:03,400 --> 00:40:06,080 Speaker 1: really struck by how much attention this is getting granted 710 00:40:06,160 --> 00:40:08,359 Speaker 1: it's a it's a rare meeting between the FED share 711 00:40:08,440 --> 00:40:11,000 Speaker 1: and the President. Janet Yellen though, will be there as well, 712 00:40:11,400 --> 00:40:13,560 Speaker 1: and this is a FED that's in constant contact with 713 00:40:13,640 --> 00:40:15,600 Speaker 1: the administration. There's just a lot of questions about the 714 00:40:15,640 --> 00:40:18,240 Speaker 1: independence of the FED and whether you know, Joe Biden's 715 00:40:18,239 --> 00:40:20,799 Speaker 1: gonna give j Powell marching orders. A lot of this 716 00:40:20,880 --> 00:40:23,280 Speaker 1: has to do with optics, though. They're they're trying to pivot, 717 00:40:23,320 --> 00:40:26,480 Speaker 1: coming off the long holiday weekend and and following a 718 00:40:26,520 --> 00:40:29,399 Speaker 1: week where we were, you know, obviously obsessed with this 719 00:40:29,480 --> 00:40:32,759 Speaker 1: horrible story from Texas. It really took our eyes off 720 00:40:33,040 --> 00:40:36,839 Speaker 1: the other stories from Ukraine to inflation, and the White 721 00:40:36,880 --> 00:40:39,279 Speaker 1: House is bringing that back around now with what will 722 00:40:39,280 --> 00:40:42,160 Speaker 1: be a photo opportunity in the Oval Office, likely a 723 00:40:42,200 --> 00:40:44,400 Speaker 1: couple of questions answered by the few reporters who are 724 00:40:44,400 --> 00:40:45,920 Speaker 1: allowed in the room. At the top of the meeting, 725 00:40:46,160 --> 00:40:48,440 Speaker 1: they're gonna lock arms, say we're tackling this. This is 726 00:40:48,480 --> 00:40:52,360 Speaker 1: the big issue obviously in the midterm election cycle. And 727 00:40:52,400 --> 00:40:56,080 Speaker 1: the President, while while so striking that independent role of 728 00:40:56,120 --> 00:40:58,080 Speaker 1: the FED, they like to defer to the FED. He 729 00:40:58,160 --> 00:41:01,080 Speaker 1: also wants to look like they're working together to get 730 00:41:01,120 --> 00:41:04,640 Speaker 1: something done and that's basically the point of this meeting today. 731 00:41:04,840 --> 00:41:08,320 Speaker 1: And about our last minute here, Joe, former Trump trade 732 00:41:08,320 --> 00:41:12,000 Speaker 1: advisor Peter Navarro says he's gotten a grand jury subpoena 733 00:41:12,040 --> 00:41:15,439 Speaker 1: over January six. Yeah, these have been interesting to see 734 00:41:15,440 --> 00:41:18,120 Speaker 1: how the Committee and the Department of Justice has been 735 00:41:18,120 --> 00:41:20,719 Speaker 1: dealing with these. Navarro remember was it was an advisor 736 00:41:21,320 --> 00:41:25,600 Speaker 1: uh to President Trump. And and look he's been uh 737 00:41:25,640 --> 00:41:29,880 Speaker 1: investigated by the FBI about what happened in the build 738 00:41:29,960 --> 00:41:32,880 Speaker 1: up to January six, then following the attack on the Capitol. 739 00:41:32,880 --> 00:41:36,040 Speaker 1: But specifically, and he's gonna be suing I guess a 740 00:41:36,120 --> 00:41:40,520 Speaker 1: counter suit here, but specifically the idea of finding alternate electors. 741 00:41:40,560 --> 00:41:42,200 Speaker 1: This is something that they're going to be looking into. 742 00:41:42,640 --> 00:41:45,879 Speaker 1: And and Navarro wants to claim executive privilege, It's it's 743 00:41:45,920 --> 00:41:48,360 Speaker 1: not clear that that would hold up in court. Lots 744 00:41:48,400 --> 00:41:52,040 Speaker 1: to talk about, even on a holiday week for Joe Matthew, 745 00:41:52,239 --> 00:41:55,000 Speaker 1: host of Sound on Pierre on Bloomberg Radio. You catch 746 00:41:55,040 --> 00:41:59,840 Speaker 1: it every weekday five pm. Wall Street Time, and reminder 747 00:41:59,880 --> 00:42:01,880 Speaker 1: the you can always listen to Bloomberg Radio in the 748 00:42:02,000 --> 00:42:06,400 Speaker 1: Nation's capital Bloomberg one and one oh five point seven 749 00:42:06,440 --> 00:42:10,319 Speaker 1: FM h D two Right now futures are pointing to 750 00:42:10,360 --> 00:42:12,680 Speaker 1: a lower open as we get ready to close the 751 00:42:12,719 --> 00:42:15,240 Speaker 1: books on May. S and P futures are down nineteen 752 00:42:15,280 --> 00:42:17,839 Speaker 1: points right now. Down Future is down a hundred fifty four. 753 00:42:18,400 --> 00:42:21,759 Speaker 1: NAZDAC futures are lower by fourteen points. That's a drop 754 00:42:21,800 --> 00:42:25,120 Speaker 1: of about a ten percent on the tech heavy Nasdaq futures. 755 00:42:25,520 --> 00:42:28,080 Speaker 1: It's your Treasury is down twenty one thirty seconds right now, 756 00:42:28,080 --> 00:42:30,040 Speaker 1: with the yield two point one percent yield on the 757 00:42:30,080 --> 00:42:33,880 Speaker 1: two year two point five three nim X crude continuing 758 00:42:33,920 --> 00:42:36,280 Speaker 1: its surge, up three point one percent of three dollars 759 00:42:36,280 --> 00:42:38,839 Speaker 1: fifty seven cents and a hundred eighteen dollars sixty four 760 00:42:38,960 --> 00:42:42,800 Speaker 1: cents a barrel. Bloomberg surveillance is up next for Karen Moscow. 761 00:42:43,239 --> 00:42:46,520 Speaker 1: I'm Nathan Hagar, and this is Bloomberg