Speaker 1: Live from the Bloomberg Interacted Berger Studios. Is Bloomberg day
Speaker 1: Break for Tuesday one coming up this hour. Oil surges
Speaker 1: after EU leaders agree to pursue a partial bed on
Speaker 1: Russian crude. The oil game and hawkish comments from the
Speaker 1: FED have treasury yields on the rise. At President Biden
Speaker 1: holds a rare meeting with FED Chair J Powell at
Speaker 1: the Oval Office. Today. People in Volde, Texas prepared to
Speaker 1: bury the dead from last week's shootings to plus, the
Speaker 1: Diocese of Brooklyn calls it a brazen crime of disrespect
Speaker 1: and hate. I'm Michael Barr. More Ahead, I'm trying Stashower
Speaker 1: and sports. The Rangers beat the Hurricanes in Game seven.
Speaker 1: They're moving on to the East Farmal's easy win for
Speaker 1: the Mets. That's all's training. Ahead on Bloomberg Daybreak on
Speaker 1: Bloomberg eleven three, on New York, Bloomberg one, Washington, d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and
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Speaker 1: Good Morning. I'm Karen Moscow. I'm Nathan Hacker Bloomberg Daybreak
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Speaker 1: And US futures are lower this morning six o one
Speaker 1: on Wall Street. IM gonna check the markets every fifteen
Speaker 1: minutes throughout the trading day. On Bloomberg, Guess and P
Speaker 1: Future is down twenty eight points. DAL futures down two
Speaker 1: one and nasdack futures down forty three. The decks in
Speaker 1: Germany's down three quarters of a percent ten Your treasury
Speaker 1: down thirty seconds yield two point eight one percent. They
Speaker 1: yield on the two year two point five three percent.
Speaker 1: Comics gold is down to tenths per cent or four
Speaker 1: dollars thirty cents at eighteen fifty three announced, and the
Speaker 1: euro one point oh seven to two against the dollar.
Speaker 1: Nathan Karen Oil is on the rise this morning, gets
Speaker 1: up three and a half percent for west Tech this
Speaker 1: intermediate after European Union leaders agreed to seek a ban
Speaker 1: on imports of most Russian oil. Let's get the details
Speaker 1: of Bloomberg's human parts in our London bureau. Good morning,
Speaker 1: Good morning, Nathan Karen. Finally a deal on Russian oil.
Speaker 1: European Union leaders agree sanctions blocking the purchase of crude
Speaker 1: oil and petroleum products from Russia delivered by sea, but
Speaker 1: there is a temporary exemption for pipeline deliveries to satisfy Hungary,
Speaker 1: which have been holding up discussions. European Commission President Vondeline
Speaker 1: welcome the agreement. Council should now be able to finalize
Speaker 1: a ban on almost of all Russian oil inputs by
Speaker 1: the end of the year. European Commission President Vondeline made
Speaker 1: the comments at a briefing in Brussels. In London, I'm
Speaker 1: you and parts spoon back day break, thank you, and
Speaker 1: thank you all. Back here in the US, the fallout
Speaker 1: from last week's school shooting continues to reverberate across the country.
Speaker 1: There's another bush for a legislation on guns for President
Speaker 1: Biden says he is limited on what he can do.
Speaker 1: He traveled to Yevaldi, Texas for an emotional visit this weekend. Anymore,
Speaker 1: says Deep Eils from our Bloomberg One news room in Washington.
Speaker 1: I can't outlaw a weapon. I can't change a background check.
Speaker 1: President Biden explaining that there is only so much he
Speaker 1: can do to stop mass shootings in the US. Biden
Speaker 1: and First Lady Jill Biden visited the Texas elementary school
Speaker 1: where a gunman killed nineteen children and two teachers. That
Speaker 1: shooting has increased demands on Congress to do something about
Speaker 1: gun regulation, and talks in the Senate now center on
Speaker 1: red flag laws. They allow police or family members to
Speaker 1: ask a court to temporarily remove the right to own
Speaker 1: firearms from someone who may be at risk. In Washington,
Speaker 1: I may be more as Bloomberg daybreak Amy thanks on
Speaker 1: Wall Street Today, Inflation continues to be a major focus
Speaker 1: for markets. Treasury yields are climbing as the Federal Reserve
Speaker 1: shows no sign of slowing its hawkish stance. FED Governor
Speaker 1: Christopher Waller says he wants to keep raising interest rates
Speaker 1: and half percentage point steps until inflation is under control,
Speaker 1: support tightening policy by another fifty basis points or several meetings.
Speaker 1: In particular, I am not taking fifty base its point
Speaker 1: heights off the table until I see inflation coming down
Speaker 1: close to part FED Governor Christopher Waller spoke at an
Speaker 1: event hosted by the Institute for Monetary and Financial Stability. Well, Nathan,
Speaker 1: inflation will be a key topic of discussion when President
Speaker 1: Biden holds a rare meeting today with each share of
Speaker 1: the Federal Reserve, and we get more from Bloombery's de Chrisner.
Speaker 1: It'll be the first meeting between the two since November,
Speaker 1: when the President nominated J. Powell for a second four
Speaker 1: year term. In the intervening period, soaring inflation has become
Speaker 1: a crippling problem. In an opinion piece published late Monday
Speaker 1: in The Wall Street Journal, the President said he would
Speaker 1: support the Fed in its effort to combat high inflation
Speaker 1: by reducing demand. The President said the fight was likely
Speaker 1: to slow the rate of job growth from a monthly
Speaker 1: pace of five hundred thousand jobs to around a hundred
Speaker 1: fifty thousand in New York. I'm Doug Christner, Bloomberg Daybreak. Okay, Doug,
Speaker 1: thanks for the labor market will be front and center
Speaker 1: as well this week when we get the May jobs
Speaker 1: report on Friday. Let's get a preview of that from
Speaker 1: Bloomberg'sviney del Judas. Economy is a payroll growth probably exceeded
Speaker 1: three hundred thousand and May. So far this year, the
Speaker 1: economy has added more than two million jobs, with labor
Speaker 1: shortages at record levels. Of slowdown could imply a shortage
Speaker 1: of qualified workers rather than sudden weakness. Job cuts have
Speaker 1: been running it half century lows. Also in this week's
Speaker 1: US data calendar, I s M Factory data, the Conference Boards,
Speaker 1: consumer Confidence Index in the Federal Reserves, bag Book, Economic Survey,
Speaker 1: Benny del Judace, Bloomberg day Break. All right, Anny, thank you,
Speaker 1: But we're also getting key inflation data out of Europe
Speaker 1: showing Eurozone inflation accelerated to a fresh all time high.
Speaker 1: Consumer prices jumped eight point one percent from a year
Speaker 1: earlier in May, exceeding the seven point eight percent median
Speaker 1: estimate in a Bloomberg survey. Acceleration was driven by food
Speaker 1: and energy after Russia's invasion of Ukraine sent commodity prices soaring.
Speaker 1: Oh back here in the US, Karen stocks are coming
Speaker 1: off their first winning week in nearly a month. As
Speaker 1: we returned to this holiday shortened trade week, we get
Speaker 1: more on the days ahead from Bloomberg's Charlie Pellet. Analysts
Speaker 1: remain split on whether equities have found a bottom amid
Speaker 1: ongoing questions about the strength of corporate earnings. Alicia Levine's
Speaker 1: head of Equities and Capital Markets Advisory at Bank of
Speaker 1: New York, Melon, margins are going to come down. And
Speaker 1: what the market's really been grappling with the last couple
Speaker 1: of weeks is the E on the pe their earnings component,
Speaker 1: and it's likely that earnings have to soften from here.
Speaker 1: Among the names scheduled to report this week, Broadcom, CrowdStrike, Hormel, Foods,
Speaker 1: HP and KO, Lulu, Lemon, and Salesforce dot Com in
Speaker 1: New York, Charlie Pellett Bloomberg day Break, A Right Turley,
Speaker 1: thank you will overseas this morning. Shares of Unilever or
Speaker 1: up about six percent. Activist investor Nelson Pellets has been
Speaker 1: appointed as a non executive director in the company, and
Speaker 1: his Try And Fund Management has taken a one and
Speaker 1: a half percent stake in Unilever. All right now and
Speaker 1: futures are down thirty two points. That's a drop of
Speaker 1: eight ten percent that the moment. Dow futures down tutored
Speaker 1: forty seven. NASTAC futures are lower by fifty seven points.
Speaker 1: The tenure Treasury is down twenty thirty seconds yield two
Speaker 1: Nimex crude trading at a hundred nineteen dollars three cents.
Speaker 1: Apparel straight ahead, your latest local headlines and a check
Speaker 1: of sports. This is Bloomberg. It sounds six oh seven
Speaker 1: on Wall Street, seventy four degrees in Central Park. We've
Speaker 1: got an accident in Queen's westbound l I E and
Speaker 1: wood Haven Boulevard. Details coming up in traffic. First Michael
Speaker 1: Barr with more on what's going on in New York
Speaker 1: at around the world. Michael, thank you very much. Nathan.
Speaker 1: Police say someone busted into the altar at a New
Speaker 1: York City church, stole a two million dollar gold relic,
Speaker 1: and removed the head of a statue of an angel.
Speaker 1: The incident happened between Thursday and Saturday at St. Augustine's
Speaker 1: Roman Catholic Church in Brooklyn's Park Slope neighborhood. The church
Speaker 1: was closed for construction at the time. The church's pastors
Speaker 1: said that camera recorps things from the security system who
Speaker 1: are also stolen. The Diocese of Brooklyn called it a
Speaker 1: brazen crime of disrespect and hate. New York Governor Kathy
Speaker 1: Hokell spoke at the commemoration of the twentie anniversary of
Speaker 1: the formal end of recovery operations at Ground zero on
Speaker 1: Memorial Day, HOCl referred to those who quote showed up
Speaker 1: unprompted to help the common denominator from Moses. They were
Speaker 1: New Yorkers, because it's in our d n A. When
Speaker 1: we get knocked down, we fight back and we come back,
Speaker 1: and we must never ever forget that lesson. That is
Speaker 1: the story of this hallowed ground. Governor Hokell also says
Speaker 1: we're going to come back after this pandemic because we
Speaker 1: showed we did it twenty years ago. Funerals take place
Speaker 1: this week for the nineteen children and two teachers killed
Speaker 1: last week in Yuvaldi, Texas. The town's Manyor Don McLaughlin
Speaker 1: says the site of the shooting rob Elementary School should
Speaker 1: be torn down. Mcclocklin says, though people in the community
Speaker 1: will get through it. That's one of the things I
Speaker 1: love about you about it is community will come together
Speaker 1: and we will come together on this. I mean, this
Speaker 1: is something that we will never get over, but we'll
Speaker 1: get through. Mayor McLaughlan says he supports the construction of
Speaker 1: a mental health hospital in Vivodi that would also serve
Speaker 1: dozens of nearby counties and possibly prevent future massacres. Canadian
Speaker 1: prem Minister Justin Trudeau announced an effort to ban handguns.
Speaker 1: Canada already has an assault weapons band. In the news
Speaker 1: conference in Otowa, Trudeau said the legislation would prohibit the purchase, sale, transfer,
Speaker 1: or import of handguns across Canada. We've seen far too
Speaker 1: many tragedies across this country, far too many incidents of
Speaker 1: gun violence, particularly with handguns in our streets, in our communities,
Speaker 1: Devastating families, devastating communities. Trudeaux also announced mandatory by banks
Speaker 1: for assault weapons. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quittake, powered by more than
Speaker 1: twenty seven journalists and analysts and more than hundred twenty countries.
Speaker 1: Michael barrn this is Bloomberg, Nathan. All right, Michael, thanks come,
Speaker 1: that's a sixth tent on Wall Street. Time for the
Speaker 1: Bloomberg Sports Update with John Stshaw. All Right, Nathan, what
Speaker 1: a postseason the Rangers are having. It's hardly over, but
Speaker 1: already five winds when faced with elimination, two game seven
Speaker 1: victories two Series one. Both well They never led the
Speaker 1: series until Game seven and Raleigh Hurricanes penalty in a
Speaker 1: Ranger league and seconds to go, the Rangers power play.
Speaker 1: Rakers go back in top right side feed for a
Speaker 1: year back past the flock scores out of Fox. It's
Speaker 1: a power play goal. Rangers LEADPN later in the first
Speaker 1: another power play goal Chris Crider deflection. Criders scored again
Speaker 1: in the third. The Rangers beat the Hurricane six to two.
Speaker 1: Carolina had been seven and oh at home in the postseason.
Speaker 1: The Rangers are now coming home Game one of the
Speaker 1: East Final with two time defending Stanley Cup champion Tampa
Speaker 1: Bay tomorrow night at the Garden City Field. Washington scored
Speaker 1: three runs in the first sitting. The Mets scored the
Speaker 1: next twelve. All twelve scored over the first four innings.
Speaker 1: The Mets beat the Nats thirteen to five, Starling Martde
Speaker 1: and Nick Plummer, both with home runs and four RBI.
Speaker 1: Detroit Tigers called up infielder Cody Clemens and the Miners.
Speaker 1: That's Roger's son. He's expected to make his major league
Speaker 1: debut tonight. A couple of fourth round upsets. The French
Speaker 1: opened the second and fourth seeds were ousted, Danil Medvedev
Speaker 1: beaten by Marin Chilett straight sets, and Medvedev as of
Speaker 1: now not allowed to play Wimbledon, who has banned all
Speaker 1: Russian stafinals. Sits Aposs also lost pig match today quarterfinals.
Speaker 1: Raphael dalvers Is Novak Jokeovid Maryland captain undefeated season won
Speaker 1: the n C Double A lacrosse title, beating Cornell John
Speaker 1: Stash Award, Bloomberg Sports NAO Okay John, Thanks SMP Futures
Speaker 1: now down twenty seven point, Stout Futures down twurtter two,
Speaker 1: NASTAC futures down forty three points. Ni've x screwed up
Speaker 1: three point four percent of a hundred eighteen dollars ninety
Speaker 1: five cents apparel. You're listening to Bloomberg Daybreak. Bloomberg Daybreak
Speaker 1: is brought to you by Hofstra University's Frank G's r
Speaker 1: School of Business, top ranked online NBA program with a
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Speaker 1: u slash Go grad markets headlines and breaking news twenty
Speaker 1: four hours a day, at Bloomberg dot Com, the Bloomberg
Speaker 1: Business at and at Bloomberg Quick Tape. He's a Bloomberg
Speaker 1: Business Flash and I'm Cameron Moscow stocks in US stock
Speaker 1: index futures are dropping while bonds fall as euro Zone
Speaker 1: inflation accelerates to a fresh all time high, intensifying the
Speaker 1: debate at the European Central Bank about how rapidly to
Speaker 1: raise interest rates. We checked the markets every fifteen minutes
Speaker 1: throughout the trading day. On Bloomberg SMP futures down twenty
Speaker 1: six points down, futures down two two. Nowday future is
Speaker 1: down forty two the decks in Germany's down seven tenths
Speaker 1: of upper set ten year treasury down twenty thirty seconds,
Speaker 1: YELD two point eight one percent. They yield on the
Speaker 1: two year two point five three percent. NIMEX scrude oil
Speaker 1: is up three point three percent of three dollars seventy
Speaker 1: eight cents and a hundred eighteen dollars eighty five cents
Speaker 1: a barrel. Comex school down a quarter percent or four
Speaker 1: dollars twenty cents at eighteen fifty three ten announced the
Speaker 1: euro one point oh seven to six against the dollar,
Speaker 1: British pound one point to six oh one the end
Speaker 1: one seven point nine zero, and Bitcoin is higher, up
Speaker 1: one point one percent at thirty one thou six hundred dollars.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. Today will mark one week when
Speaker 1: nineteen children and two teachers were gunned down and rob
Speaker 1: elementary school in Uvaldi, Texas. The first of the funerals
Speaker 1: begins this week. The w h OS top monkey pox
Speaker 1: expert is skeptical the virus will become a global pandemic.
Speaker 1: W h shows Dr Rosamund Lewis says anyone can at
Speaker 1: potential risk, however, and that they're not exactly sure how
Speaker 1: it's being spread. In the NHL Playoffs, the Rangers are
Speaker 1: heading to the Eastern Finals after beating the Hurricanes in
Speaker 1: Game seven, six two. In baseball, the Mets beat the
Speaker 1: Nationals thirteen five. The Orioles beat the Red Sox ten zip.
Speaker 1: The Giants won the A's Lost. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than seven hundred journalists and analysts more than
Speaker 1: a hundred twenty countries. Michael Barren, this is Bloomberg. Nathan Okay, Michael,
Speaker 1: thanks at six nineteen on Wall Street Live from the
Speaker 1: Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak. Let's turn
Speaker 1: now to more on our top story this morning, the
Speaker 1: surge in oil after the European Union agreed to pursue
Speaker 1: a partial ban on Russian crewede imports. This Canada EU
Speaker 1: leaders summit in Brussels, where we are joined now live
Speaker 1: by Bloomberg's Maria. It's a dale Maria, good morning, Thanks
Speaker 1: for being with us. How significant is this? What is
Speaker 1: the immediate impact? Look, I think it is more significant
Speaker 1: than than the surface of the agreement would lead you
Speaker 1: to believe. And that's the reaction that we're seeing in
Speaker 1: the market today when it comes to oil prices. When
Speaker 1: you look at what's in the agreements that was reached
Speaker 1: yesterday by European leaders, especially what they say is that
Speaker 1: they will do a ban of Russian oil that is
Speaker 1: transported by sea. There are some exemptions to pipeline oil,
Speaker 1: but in reality, this is where it gets interesting. By
Speaker 1: cutting down seaborn, essentially you cut down two thirds of imports.
Speaker 1: If the big bias like Germany and also countries like
Speaker 1: Poland agree to wind down pipeline too, like they say
Speaker 1: they will do this year. Essentially, you're looking at a
Speaker 1: scenario in which potentially there could be a nine reduction
Speaker 1: of Russian oil exports into the European Union. So I
Speaker 1: would argue this deal even though it was delayed. We
Speaker 1: talked a lot about the ins and outs and the
Speaker 1: political commotion that happens with every big summit where you
Speaker 1: have to agree and get to an agree meant among
Speaker 1: twenty seven different countries that have twenty seven different interests,
Speaker 1: I would say this is more significant than we were
Speaker 1: expecting just a day ago when the mood was very negative.
Speaker 1: One of the major, UH significant holdouts here potentially could
Speaker 1: be Hungary, could I mean they've been pushing back pretty
Speaker 1: hard against the idea of a pipeline ban. I mean,
Speaker 1: what are the chances that we could see a pipeline
Speaker 1: ban eventually included in this agreement. Look, I think to me,
Speaker 1: the Hungarian resistance is a little bit overplayed. If I
Speaker 1: have to be honest with you, the Hungarian resistance, it's
Speaker 1: not about the impact on the market. This is a
Speaker 1: very small faction on the market. This was about the
Speaker 1: politics of it the European Union when it comes to
Speaker 1: Russia and the way they tackle Russia. They always like
Speaker 1: to do things unanimously. They don't want to show cracks
Speaker 1: in the union. For them, that unanimity and that union
Speaker 1: is very very important. So yes, there are some concessions
Speaker 1: made to Hungary. They continue still to use a huge
Speaker 1: pipeline that comes through from Russia. At presumably when we
Speaker 1: hear the full details, there will be some financial incentive
Speaker 1: to for them, and there's assurance that if something were
Speaker 1: to happen on the pipeline they would get a backup.
Speaker 1: But overall, you know, frankly, this Hungarian resistance, I think
Speaker 1: by now it's a little bit overplayed and it's a
Speaker 1: little bit overdone because what really matters is that you're
Speaker 1: looking at a full band by sea that's two thirds,
Speaker 1: and if a big country like Germany says we're committing
Speaker 1: to kinning out pipelines, that has a much bigger impact
Speaker 1: on the market. Again, it goes back to my earlier point.
Speaker 1: On the best case scenario, you could see a reduction
Speaker 1: of purchases for Russia, and this is a huge thing
Speaker 1: for the Russians, you know, it's a big buyer there.
Speaker 1: Essentially you're gonna lose and you have to find an
Speaker 1: alternative buyer who in this market. Of course, they're not
Speaker 1: stupid and they know Russian oil is tricky to manage,
Speaker 1: so they ask for a discount. So while this is
Speaker 1: being phased in Maria, what's being done to backstop energy
Speaker 1: supply is for Europe as this as this gets faced
Speaker 1: in look, I think, to me, what's interesting more than
Speaker 1: what's being done. It's kind of what isn't being done
Speaker 1: going forward? To me, it's very tending. When I spoke
Speaker 1: to the Belgian Prime Minister uh this morning and I
Speaker 1: asked him that question. You've done cold, you've done oil.
Speaker 1: Are we open now to gas? Is that the next
Speaker 1: frontier here? Remember this is always seen as the big
Speaker 1: Geo political weapon for Russia when it comes to the EU.
Speaker 1: And he told me quite candidly, quite frank, I don't
Speaker 1: think it's the time to go further, he told me,
Speaker 1: with this oil embargo, the full implications of it, the
Speaker 1: full significance, Let's just take time to digest what we've
Speaker 1: done and then we can look into anything else. But
Speaker 1: for the time being, he told me, we've kind of
Speaker 1: reached the limits on the energy sanctions. We need to
Speaker 1: take a box all right, So about thirty seconds left here, Maria,
Speaker 1: what's the next step here? Is there going to be
Speaker 1: a vote on this deal? Where where does it go
Speaker 1: from here? I think tomorrow it's more the technical aspect
Speaker 1: bit and just the final print that gets done not
Speaker 1: by the politicians but by all of the many officials
Speaker 1: and figures, so we don't see take the lame light,
Speaker 1: but they really work on the technic candory. So I
Speaker 1: think tomorrow it will be about the fine print, but overall,
Speaker 1: the overall arch of this is already agreed. All right,
Speaker 1: thanks as always for staying on top of all of this.
Speaker 1: As we've been watching this agreement on sanctions on Russian
Speaker 1: energy move forward in Brussels, Bloomberg's Maria Todale joining us
Speaker 1: live from the capital of the European Union. And as
Speaker 1: we look ahead to the market open here on Wall Street,
Speaker 1: futures are pointing to losses. We have SMP futures right
Speaker 1: now down twenty eight points down, futures down two to three,
Speaker 1: Nastack futures are lower by forty nine points. The tenure
Speaker 1: treasury is down twenty thirty seconds with the yield two
Speaker 1: point two and just looking at oil right now, nimex
Speaker 1: screwed up three point three percent or three dollars seventy
Speaker 1: seven sets trying to get a hundred eighteen dollars eighty
Speaker 1: four cents on the IMAX. You're listening to Bloomberg Daybreak.
Speaker 1: Every Daybreak is brought to you by Pepack Private Wealth Management.
Speaker 1: Pepack Private Wealth Management knows that the portfolio is more
Speaker 1: than a collection of assets, it's a path to your future.
Speaker 1: Visit Pepack Private dot com and begin your financial legacy today.
Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York,
Speaker 1: Bloomberg Living Free to Washington, d C. Bloomberg to Boston,
Speaker 1: Bloomberg one six one does San Francisco, Bloomberg Known sixteen
Speaker 1: to the country Sirius xm Chado one nine team, and
Speaker 1: around the globe the Bloomberg Business app and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak at six thirty on
Speaker 1: Wall Street. Good Boarding. I'm Nathan Hagar and I'm Karen Moscow,
Speaker 1: and we're just about three hours away from the open
Speaker 1: of US trading. Time for the five things that you
Speaker 1: need to know to start your day. Brought to you
Speaker 1: by Interactive Brokers, global analyst. It helps you find new
Speaker 1: global investment opportunities to diversify your portfolio and discover undervalued
Speaker 1: companies that may have greater growth potential. Try ib k
Speaker 1: R Global Analysts Today at ibk R dot com slash
Speaker 1: g A. Now, at first, you begin with the oil,
Speaker 1: which is on the rise. This morning it is up
Speaker 1: three and a third percent. The game comes after European
Speaker 1: Union leaders agreed to seek a ban on imports of
Speaker 1: most Russian oil. Bloombarrus Maria Today OH has the latest
Speaker 1: from Brussels. When you look at the actual content, the
Speaker 1: Europeans say that on the best case scenario, if this
Speaker 1: deal is fully applied by the end of the year,
Speaker 1: of Russian oil exports coming into the European Union will
Speaker 1: essentially be shut off. Bloomers Maria Today O says EU
Speaker 1: leader has offered Hungary a guarantee that it will receive
Speaker 1: replacement supplies if pipelines were disrupted. Hungary have been blocking
Speaker 1: an embargo and will continue receiving Russian oil via pipeline.
Speaker 1: In response to that jump, at wealcare and stocks in
Speaker 1: Asia fluctuated and treasuries sold off across the curve. Well
Speaker 1: Nathan here in the US, Federal Reserve Governor Christopher Waller
Speaker 1: says he wants to keep raising interest rates and half
Speaker 1: percentage point steps until inflation is under control. He also
Speaker 1: believes reducing the Fed balance sheet could curb inflation. Athesis
Speaker 1: are highly in certain using a variety of mobs and assumptions.
Speaker 1: The O wall overall reduction in the balance sheet is
Speaker 1: estimated to be equivalent to a couple of twenty five
Speaker 1: basis radars, and Federal Reserve Governor Christopher Waller again cautioning
Speaker 1: those estimates were uncertain. He's spoken an event hosted by
Speaker 1: the Institute for Monetary and Financial Stability also this morning,
Speaker 1: Careen Eurozone inflation accelerating to a fresh all time high.
Speaker 1: Consumer prices jumped eight point one percent from a year
Speaker 1: earlier in May that exceeded the seven point eight percent
Speaker 1: media estimate in a Bloomberg survey. Well Nathan, inflation will
Speaker 1: be a key topic of discussion when President Biden holds
Speaker 1: a rare meeting today with the chair of the Federal Reserve.
Speaker 1: Fresh off a visit to Yevaldi, Texas, where a gunman
Speaker 1: killed nineteen children and two teachers last week. The President
Speaker 1: of the New calls for Congress to crackdown on gun violence.
Speaker 1: At Turning to Markets, Karen wall Street snapped a seven
Speaker 1: week losing street with Morgan Stanley Chief investment Officer Michael
Speaker 1: Wilson says the relief may be short lived. Wilson wrote
Speaker 1: in a recent note that last week will prove to
Speaker 1: be another bear market rally. He believes, with growth slowing,
Speaker 1: earnings estimates are too high. And that's the five things
Speaker 1: you need to know to start your day. Brought to
Speaker 1: you by Interactive Brokers SMP Future is down twenty seven points.
Speaker 1: Straight ahead your latest local headlines, plus a check of sports.
Speaker 1: This is Bloomberg, Thanks Karen. Six Wall Street seventy five
Speaker 1: degrees in Central Park, still dealing with an accident on
Speaker 1: the westbound l I E of wood Haven Boulevards. Details
Speaker 1: count up in traffic. First Michael Barr with more of
Speaker 1: what's going on in New York and around the world.
Speaker 1: Good morning Michael, Good morning Nathan. A brazen theft desecrated
Speaker 1: a Brooklyn church and irreplaceable part of an altar were stolen.
Speaker 1: Police say someone broken do St. Augustine's Roman Catholic Church
Speaker 1: and apparently used a power soul to steal the eighteen
Speaker 1: carrot gold tabernacle. Marble angel statues flanking the tabernacle were
Speaker 1: decapitated and destroyed. Recordings from the church's security system were stolen,
Speaker 1: the Diocese of Brooklyn calling it a brazen crime of
Speaker 1: disrespect and hate. New York Governor Cathy Hoco honored the
Speaker 1: commemoration of the twentieth anniversary of the formal end of
Speaker 1: recovery operations at Ground Zero. Speaking a memorial Day, she
Speaker 1: says more names are added from nine eleven because people
Speaker 1: succumbed to the illnesses that they had no idea that
Speaker 1: they were exposed to. For two hundred and sixty days,
Speaker 1: people showed up here exposed to toxins and contaminants. So
Speaker 1: the loss of lights that occurred on that day, we
Speaker 1: did not know it. Then Governor Hokel, speaking of the pandemic, says,
Speaker 1: I know we're going to come back after this, and
Speaker 1: we will come back even stronger than before, because we
Speaker 1: showed we did it twenty years ago. The residents of Vivaldi, Texas,
Speaker 1: will bury their dead this week. Last week, a gunman
Speaker 1: killed nineteen children and two teachers, victims of a shooting
Speaker 1: rampage at the rob Elementary School. The town's mayor, Don
Speaker 1: McLaughlin says the school building should be raised. It needs
Speaker 1: to be torn down. I would never ask expect a
Speaker 1: child had to ever walk in those doors, ever and
Speaker 1: ever again. The building needs to be gone. Mayor McLaughlin says,
Speaker 1: though the community is strong and they will get through it.
Speaker 1: Canadian Prime Minister Justin Trudeau announced an effort to ban
Speaker 1: handguns across the country. The legislation, if passed, prohibits the purchase, sale, transfer,
Speaker 1: and import of handguns in all provinces. Speaking in Ottawa,
Speaker 1: Trudeaux also announced mandatory buy backs for assault weapons. In
Speaker 1: the situations where someone chooses to keep that weapon, it
Speaker 1: needs to be permanently and irrevocably disabled by the government
Speaker 1: or by x to make sure that it could never
Speaker 1: again be used as a fire for a ministry, true dope.
Speaker 1: It's now a tropical storm after Hurricane Agatha made landfall
Speaker 1: in Mexico and what's expected to be the strongest May
Speaker 1: storm to hit the Eastern Pacific. On the record, Global
Speaker 1: News twenty four hours a day on here and on
Speaker 1: Bloomberg quit take power by more than seven hundred journalists
Speaker 1: and analysts in more than a hundred twenty countries on
Speaker 1: Michael Barr, this is Bloomberg. Nathan all right, Michael, thank you,
Speaker 1: just about six thirty six on Wall Street, John stash
Speaker 1: Hour as the Bloomberg Sports Update. Thanks Dathan. The Rangers
Speaker 1: have certainly not made things easy on themselves. Round one
Speaker 1: with Pittsburgh down three games no one, of course one
Speaker 1: three in a roundquinning games seven overtime. And then round
Speaker 1: two with Carolina down two games than none and then
Speaker 1: three two but another game seven win, and this one
Speaker 1: was easier. Adam Fox scorn of power play goal and
Speaker 1: later in the first another man advantage. I'm tough the board,
Speaker 1: supremuck score Chris Kryder. What a defliction meebandage that shot
Speaker 1: pass Chris Kryd. It's all power play goalp and Krider
Speaker 1: would score again. Ryan Strong, Filipeo, Andrew copp All scorts
Speaker 1: advantage at at three, siss Igorsi, Surkin rock solid again
Speaker 1: and goal in. The Rangers beat the Hurricane six to two,
Speaker 1: and they will play Tampa Bay in the East Final
Speaker 1: Game one tomorrow at the Garden. The Mets in their
Speaker 1: history have never had this BIGG Division lead in the
Speaker 1: month of May. They beat the Nationals in City Field
Speaker 1: thirteen to five. Peter Alonzo, Homer so dis Sterling, Markday
Speaker 1: and Nick Plumber the Hero. On Sunday he drove in
Speaker 1: four more than Mets ahead by nine and a half
Speaker 1: games in the NLS. Yankees said that first day off
Speaker 1: in three weeks they'll host the x met Noah Syndergarden
Speaker 1: the Angels Tonight French Open fourth round. Daniel Medvedev and
Speaker 1: Stefano sits at Fosta too and four seeds both lost.
Speaker 1: American Jes Peluga is into the women's quarterfinals. Markets match today,
Speaker 1: Raphael the Dalla versus Novak Djokovic, n C double A
Speaker 1: lacrosse final un Maryland beat Cornell. Bloomberg Sports Okay, John,
Speaker 1: thanks at six thirty seven on Wall Street Time now
Speaker 1: to take a look at stock, some of the names
Speaker 1: moving in the pre market as we get ready for
Speaker 1: the final trading day of a very rough month of day.
Speaker 1: We are joined this morning by Bloomberg's Laura, Right, Laura,
Speaker 1: We've got futures moving lower. What's scot your eye this morning? Well,
Speaker 1: I'm looking at crypto names this morning. Look bitcoing back
Speaker 1: above thirty thousands showing some signs of bottoming out, and
Speaker 1: last week we saw a decoupling between the SMP five
Speaker 1: hundred and bitcoin, although it's still unclear what quant state
Speaker 1: of tighting means for risk assets, Riot blockchain almost six percent,
Speaker 1: Marathon Digital seven percent, coin based four percent, all ahead
Speaker 1: of the open, and we're also seeing a pretty big
Speaker 1: surge in crude prices as well. I see you're keeping
Speaker 1: an eye on Chinese A d R S is uh
Speaker 1: the commodities space having an impact on what's happening there.
Speaker 1: It is, but the news line is really d D
Speaker 1: Global virus cubs easing in China, so d D Global
Speaker 1: the right hailing firms sent a message to their customers
Speaker 1: in Shanghai, areas with low COVID cases can resume. Also
Speaker 1: Ali Barbara j D dot Com up four and a
Speaker 1: half percent and six point seven percent respectively in Shanghai.
Speaker 1: Look public transport resumes on Wednesday, and Beijing are allowing
Speaker 1: some shopping centers to reopen even now. And we had
Speaker 1: a beat on data out of China earlier this morning,
Speaker 1: both manufacturing and non manufacturing p M, showing that the
Speaker 1: economy of the world's second largest country is contracting at
Speaker 1: a slower pace, and that implies maybe the worst of
Speaker 1: the economic fallout is over. How's that potentially affecting Tesla?
Speaker 1: Obviously they've been pretty well impacted by the shutdown in Shanghai.
Speaker 1: Can I just say we are talking about Tesla without
Speaker 1: the Twitter deal. This it's a new world that we've
Speaker 1: we learned. Look Tasa, they're keeping their factory bubble isolation
Speaker 1: system in place until June the tenth. According to people familiar.
Speaker 1: That's even as Shanghai eases the virus curves. Now, the
Speaker 1: Shanghai plant apparently lost forty units of output in March
Speaker 1: because it was shut for three weeks. And it's significant
Speaker 1: because the Shanghai Tessa plant is the electrivehicle makers primary
Speaker 1: production hub, overtaking the California plant last year. But that
Speaker 1: could lead to some revolt from employees. That's what we
Speaker 1: saw from an Apple supplier last week because they have
Speaker 1: to still live on site and test constantly. It's always lower. Right.
Speaker 1: Thanks for being with us as we keep an eye
Speaker 1: on what's happening in the pre market and looking at
Speaker 1: starts as a whole. As we get set for this
Speaker 1: final open of the month of May. We have futures
Speaker 1: moving lower, with SMP futures right now down eighteen points,
Speaker 1: Dow futures down six, naz DEC futures down nineteen points,
Speaker 1: so pairing some of the earlier losses we've been seeing
Speaker 1: in this session. The tenure treasury right now down seconds,
Speaker 1: with the yield at two nim X crew trading at
Speaker 1: a hundred eighteen dollars ninety three cents a barrel. That's
Speaker 1: a gain of three and the third percent. This is
Speaker 1: Bloomberg Bloomberg eleven three oh weather sunny and hot today
Speaker 1: with a higher ninety five degrees, will be back in
Speaker 1: the low seventies tomorrow. Is cloud to move in, giving
Speaker 1: us a chance for a shower. Could see a thundershower
Speaker 1: late Thursday with a high year eighty right now seventy
Speaker 1: five degrees. Markets, headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business at
Speaker 1: and at Bloomberg Quick Tape. He's a Bloomberg Business Flash
Speaker 1: and I'm Karen Moscow and futures are lower. This morning,
Speaker 1: we had the first word breaking news dash for today's
Speaker 1: morning call. Here's fill Maloney Bill morning and good morning Karen.
Speaker 1: That's right. US features are in the red right now,
Speaker 1: A death futures down a hundred and fifteen points as
Speaker 1: if you dropped fifteen well. Nastic futures are down by six.
Speaker 1: The US ten year old at two point eight two percent,
Speaker 1: Gold is down five and oilist climbing as EU leaders
Speaker 1: agreed to pursue a partial ban on Russian crude. Bitcoin
Speaker 1: is trading higher by one point one percent and Shanghai
Speaker 1: rose one point two percent overnight, while UPM markets are
Speaker 1: mostly in the red This morning, back in the US
Speaker 1: on the economic front at nine five Chicago p m
Speaker 1: I and at ten o'clock consumer confidence. In other news
Speaker 1: that one fifteen, Biden will hold a meeting with fed
Speaker 1: share Powell and you know, Leaver appointed activist investor Nelson
Speaker 1: Peltz as a non executive director. Wrapping things up, American
Speaker 1: Eagle was cut to underweight well Ratt Morton Stanley Live
Speaker 1: from the first breaking News deskm Bill Maloney care all right, Bill,
Speaker 1: thank you to hear live breaking news over your Bloomberg
Speaker 1: type squawk on your terminal ascue You a w K
Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr
Speaker 1: with Mouram what's going on around the world, Karen, thank
Speaker 1: you very much. The first of twenty one funerals begins
Speaker 1: this week in Uvaldi, Texas, Texas officials saying Uvaldi Schools
Speaker 1: Police Chief Pete Aredondo wrongly believed that they were dealing
Speaker 1: with a beverricaded subject, not an active shooter. Uvaldi's mayor
Speaker 1: announced Eredondo's scheduled city council swarring in ceremony is canceled
Speaker 1: for now as the city grieves. Under his new legislation,
Speaker 1: Canadian Preme Minister Justin Trudeaux wants to ban all sales
Speaker 1: and transfers of handguns in Canada. He also wants guns
Speaker 1: taken away from domestic violence and stalking suspects. In the
Speaker 1: NHL Playoffs, the Rangers are heading to the Eastern Finals
Speaker 1: after beating the Hurricanes in Game seven, six two. In baseball,
Speaker 1: the Mets beat the Nationals thirteen five orioles all over
Speaker 1: the Red Sox ten zip. The Giants won the A's
Speaker 1: Lost Global News twenty four hours a day on air
Speaker 1: and on Bloomberg Quick Take, powered by more than twenty
Speaker 1: seven hundred journalists and analysts in more than twenty countries.
Speaker 1: I'm Michael Barr and this is Bloomberg. Karen. Al right, Michael,
Speaker 1: thank you. Sixty nine on Wall Street. Returned to news
Speaker 1: and science and technology now at the Bloomberg n j
Speaker 1: I T. Stam report brought to you by New Jersey
Speaker 1: Institute of Technology, one of the nation's leading polytechnic universities
Speaker 1: in a top military friendly school. Learned more at n
Speaker 1: j I T dot edu, slash Veterans and now here's
Speaker 1: It's making news and Science, Technology, Engineering, and math. President
Speaker 1: Biden is set to meet with Fed share J. Powell
Speaker 1: as storing inflation takes a might of Americans pocketbooks. Today's
Speaker 1: meeting will be the first since Biden renominated Powell to
Speaker 1: lead the Central Bank and comes weeks after his confirmation
Speaker 1: for a second term by the Senate. Some some live
Speaker 1: strains in the US are easing two years after a
Speaker 1: jump and demand started, emptying shelves, snarling shipping, and sewing
Speaker 1: the seeds of storing inflation. The line of twenty five
Speaker 1: cargo ships headed to southern California's two big ports is
Speaker 1: less than a quarter of the record backup in January,
Speaker 1: and spot container rates have dropped almost this year. But
Speaker 1: for every sign that a cooling economy will give supply
Speaker 1: chain's room to rebalance. There's a reason for skepticism. On
Speaker 1: the East Coast, ship bottlemeex are building again. The dwell
Speaker 1: time for containers is still climbing at rail yards near
Speaker 1: Chicago and Kansas City, and for the first time since
Speaker 1: early March, the number of daily coronavirus cases in China
Speaker 1: has dropped below a hundred. Still only Kron's contagiousness means
Speaker 1: that reprieve from infections and the tough COVID zero response
Speaker 1: may only be temporary. Both Beijing and Shanghai have started
Speaker 1: to loosen restrictions on mobility, and as a Bloomberg and
Speaker 1: j I. T Stem report Nathan Okay Karen We are
Speaker 1: live from the Bloomberg Interactive Brokers studios, where it's nearly
Speaker 1: six fifty one on Wall Street, typed out of check
Speaker 1: what's going on in d C, where some of the
Speaker 1: top stories include President Biden expressing futility when it comes
Speaker 1: to guns after an emotional trip to Vivaldi, President to
Speaker 1: meet with that Chair J. Powell later this afternoon, and
Speaker 1: former Trump A Peter Navarro subpoened over January six. Let's
Speaker 1: get more on all these stories now Joe Matthews back
Speaker 1: with us Are Washington Correspondent, host of Bloomberg Sound On
Speaker 1: Here on Bloomberg Radio. Joe interesting to hear Michael Barr
Speaker 1: point out the moves that are being made in Canada
Speaker 1: by Prime Minister Justin Trudeau to freeze handgun sales and
Speaker 1: buy back assault style weapons, powers that President Biden admittedly
Speaker 1: says he just does not have. Well, that's true when
Speaker 1: we're reminded frequently, even though you know, part of being
Speaker 1: the president is taking credit for things you may not
Speaker 1: deserve and taking the blame for things you may not deserve.
Speaker 1: That's just not always an opportunity to move mountains here,
Speaker 1: and that's the case. Without Congress, the president cannot do
Speaker 1: a lot. As you might remember, a few weeks ago,
Speaker 1: he signed an executive order to help to regulate what
Speaker 1: they call ghost guns, those that are basically homemade guns
Speaker 1: without serial numbers. But as he said himself when he
Speaker 1: got off the chopper yesterday and his way back to
Speaker 1: the White House, Nathan, he does not have the power
Speaker 1: to outlaw a weapon. He does not have the power
Speaker 1: to change rules for things like background checks, and so
Speaker 1: while talks are underway in the Senate right now. The
Speaker 1: President also said he hasn't met in touch with Negotia leaders.
Speaker 1: If you look at his schedule from over the weekend,
Speaker 1: going to Uvaldi, going to Arlington on Memorial Day, and
Speaker 1: a couple of other trips that have have had him
Speaker 1: getting out and about. He's he's not trying to thumb
Speaker 1: the scale on this. He's allowing Senator Chris Murphy, Democrat
Speaker 1: from Connecticut, to try to lead the charge and talks
Speaker 1: to see what might emerge, likely something around a red
Speaker 1: flag law in the days ahead. So, uh, we have
Speaker 1: these negotiations going forward. Here, the President is being asked
Speaker 1: whether he's been in touch with Republicans. Is there a
Speaker 1: sense that there is going to be some more bipartisan negotiation,
Speaker 1: more at least communication, uh, to try to get something
Speaker 1: move forward. It's hard to tell, obviously. You know, the
Speaker 1: leaders have have really let the rank and file go
Speaker 1: at it. Here. You've got John Corn and the Republican
Speaker 1: from Texas on the Republican side, and the aforementioned Chris
Speaker 1: Murphy on the Democratic side. The leadership Mitch McConnell Chuck
Speaker 1: Schumer both green lit their talks and and Chuck Schumer
Speaker 1: says this doesn't go on forever as they try to
Speaker 1: focus on some common ground here, by the way, doing
Speaker 1: so remotely because lawmakers are not in town right now,
Speaker 1: so a lot of telephone meetings happening over the long
Speaker 1: holiday weekend. If nothing takes place, if there's no common ground,
Speaker 1: that's that's found by the time lawmakers returned to Washington.
Speaker 1: Chuck Schumer says they're going forward with legislation that will
Speaker 1: be written by Democrats and will likely only get voted
Speaker 1: to approve by Democrats. The idea here is knowing it
Speaker 1: will likely fail, but he wants to call people out.
Speaker 1: He wants people to be on the record members yes
Speaker 1: or no on not necessarily gun controls, but gun safety
Speaker 1: legislation in advance of the mid terms. And that raises
Speaker 1: the question, Joe, I think that we get asked quite
Speaker 1: a lot when it comes to putting legislation out there
Speaker 1: that Senate leaders know is going to fail. Is this
Speaker 1: more about politics or is this about actually getting something done? Well,
Speaker 1: I said, you know it could be both. To be
Speaker 1: really honest with you, we have no reason to doubt
Speaker 1: the motivations of Urphy Cornyn and those who are in
Speaker 1: talks right now, those who are trying to get something
Speaker 1: done following what happened in your Valdi, following what happened
Speaker 1: in Buffalo. But but it comes down to simple math
Speaker 1: here as well. And this is gonna be if anything happens,
Speaker 1: it's going to be a heavy lift, Nathan, and so
Speaker 1: Chuck Schumer, realizing that that his options are pretty limited
Speaker 1: as well, would like to call Republicans out for for
Speaker 1: not supporting gun controls. We've seen this conversation start before,
Speaker 1: we did this after Newtown, Sandy Hook. We're doing it
Speaker 1: again now. And whether this actually turns into reform is
Speaker 1: a very big question. If the answers no, then Schumer, yes,
Speaker 1: it's gonna pull the trigger on a political move to
Speaker 1: have Republicans and Democrats vote on a bill that Republicans
Speaker 1: will likely say no to. So Democrats are confronting their
Speaker 1: limitations on the gun issue. And it looks as though
Speaker 1: President Biden maybe confronting his limitations when it comes to
Speaker 1: dealing with inflation, as he welcomes FED Chair J. Powell
Speaker 1: to the Oval Office later today. Yeah. Interesting, it's I'm
Speaker 1: really struck by how much attention this is getting granted
Speaker 1: it's a it's a rare meeting between the FED share
Speaker 1: and the President. Janet Yellen though, will be there as well,
Speaker 1: and this is a FED that's in constant contact with
Speaker 1: the administration. There's just a lot of questions about the
Speaker 1: independence of the FED and whether you know, Joe Biden's
Speaker 1: gonna give j Powell marching orders. A lot of this
Speaker 1: has to do with optics, though. They're they're trying to pivot,
Speaker 1: coming off the long holiday weekend and and following a
Speaker 1: week where we were, you know, obviously obsessed with this
Speaker 1: horrible story from Texas. It really took our eyes off
Speaker 1: the other stories from Ukraine to inflation, and the White
Speaker 1: House is bringing that back around now with what will
Speaker 1: be a photo opportunity in the Oval Office, likely a
Speaker 1: couple of questions answered by the few reporters who are
Speaker 1: allowed in the room. At the top of the meeting,
Speaker 1: they're gonna lock arms, say we're tackling this. This is
Speaker 1: the big issue obviously in the midterm election cycle. And
Speaker 1: the President, while while so striking that independent role of
Speaker 1: the FED, they like to defer to the FED. He
Speaker 1: also wants to look like they're working together to get
Speaker 1: something done and that's basically the point of this meeting today.
Speaker 1: And about our last minute here, Joe, former Trump trade
Speaker 1: advisor Peter Navarro says he's gotten a grand jury subpoena
Speaker 1: over January six. Yeah, these have been interesting to see
Speaker 1: how the Committee and the Department of Justice has been
Speaker 1: dealing with these. Navarro remember was it was an advisor
Speaker 1: uh to President Trump. And and look he's been uh
Speaker 1: investigated by the FBI about what happened in the build
Speaker 1: up to January six, then following the attack on the Capitol.
Speaker 1: But specifically, and he's gonna be suing I guess a
Speaker 1: counter suit here, but specifically the idea of finding alternate electors.
Speaker 1: This is something that they're going to be looking into.
Speaker 1: And and Navarro wants to claim executive privilege, It's it's
Speaker 1: not clear that that would hold up in court. Lots
Speaker 1: to talk about, even on a holiday week for Joe Matthew,
Speaker 1: host of Sound on Pierre on Bloomberg Radio. You catch
Speaker 1: it every weekday five pm. Wall Street Time, and reminder
Speaker 1: the you can always listen to Bloomberg Radio in the
Speaker 1: Nation's capital Bloomberg one and one oh five point seven
Speaker 1: FM h D two Right now futures are pointing to
Speaker 1: a lower open as we get ready to close the
Speaker 1: books on May. S and P futures are down nineteen
Speaker 1: points right now. Down Future is down a hundred fifty four.
Speaker 1: NAZDAC futures are lower by fourteen points. That's a drop
Speaker 1: of about a ten percent on the tech heavy Nasdaq futures.
Speaker 1: It's your Treasury is down twenty one thirty seconds right now,
Speaker 1: with the yield two point one percent yield on the
Speaker 1: two year two point five three nim X crude continuing
Speaker 1: its surge, up three point one percent of three dollars
Speaker 1: fifty seven cents and a hundred eighteen dollars sixty four
Speaker 1: cents a barrel. Bloomberg surveillance is up next for Karen Moscow.
Speaker 1: I'm Nathan Hagar, and this is Bloomberg