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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with the latest developments to end the

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Speaker 3: war in Ukraine. Top Us and European diplomats are gathering

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Speaker 3: in Turkey, but hopes are fading for any major breakthrough.

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Speaker 3: Ukrainian President Vladimir Lensky is due to meet with Turkey's

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Speaker 3: leader retch of Type Ertawan, but Russian President Vladimir Putin

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Speaker 3: will not. Here's NATO's Secretary General Mark Rutta.

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Speaker 4: Russia sending only a lower level delegation now to Turkey

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Speaker 4: to these peace dogs. It is Ukrainians. We sat vire

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Speaker 4: ready to sit down with the Russians to agree to

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Speaker 4: cease fire, to immediately go into negotiations about the next

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Speaker 4: steps to bring this terrible war.

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Speaker 3: To announce it was NATO's Secretary General Mark Ruta, and

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Speaker 3: in remarks heard live on on Bloomberg Radio, President Trump

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Speaker 3: said he will also not attend.

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Speaker 5: He talked about it in Doha this morning.

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Speaker 6: I was thinking about going, but it's very tough because

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Speaker 6: of what we're doing today and tomorrow. But you know,

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Speaker 6: if something happened. I go on Friday if it was appropriate.

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Speaker 6: But we have people right now negotiating.

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Speaker 2: President Trump also says the US is close to reaching

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Speaker 2: a nuclear deal with Iran, and.

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Speaker 6: You probably read today the story about Iran has sort

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Speaker 6: of agreed to the terms. They're not going to make

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Speaker 6: out I call it, in a friendly way, nuclear dust.

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Speaker 6: We're not going to be making any nuclear dust in Iran.

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Speaker 2: The president, referring there to an NBC News report that

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Speaker 2: Iran would be willing to commit not to have nuclear

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Speaker 2: weapons in exchange for sanctions relief. President Trump says he

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Speaker 2: does not want to have to take a violent step

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Speaker 2: if negotiations don't work.

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Speaker 3: Thinking the President also touched on trade negotiations with India.

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Speaker 3: He says that country's made a dramatic off.

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Speaker 6: For India's the highest, one of the highest tariff nations

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Speaker 6: in the world.

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Speaker 5: It's very hard to sell into.

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Speaker 6: India, and they've offered us a deal. We're basically they're

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Speaker 6: willing to.

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Speaker 5: Literally charge us no tariff.

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Speaker 3: President Trump also said he told Apple CEO Tim Cook

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Speaker 3: not to build in India that Apples agreed to expand

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Speaker 3: production in the US. Apple had been shifting manufacturing to

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Speaker 3: India from China to supply the US market.

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Speaker 2: Nathan, US and Chinese officials met for trade talks in

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Speaker 2: South Korea, just days after both sides met in Switzerland

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Speaker 2: and agreed to pause some tariffs for ninety days. Here's

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Speaker 2: Treasury Secretary scoun bessend.

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Speaker 7: We're going to go into a series of negotiations. They're

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Speaker 7: going to be fulsome and we have a lot.

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Speaker 5: To talk about.

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Speaker 7: But I think over the next ninety days we can

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Speaker 7: accomplish a lot.

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Speaker 2: Treasury Secretary scoun Besson, speaking earlier this morning in Doha.

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Speaker 2: Bloomberg News has learned Trade representative Jamison Greer met with

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Speaker 2: China's chief trade representative in South Korea this morning.

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Speaker 3: Let's turn two markets now, Karen and some company. News

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Speaker 3: word this morning that United Health is facing a criminal probe.

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Speaker 5: Let's get the very latest from Bloomberg's John Tucker. Good morning, John,

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Speaker 5: Good morning, Nathan.

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Speaker 8: The Wall Street Journal reports the Justice Department investigating United

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Speaker 8: Health Group for possible criminal Medicare fraud. The paper signing

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Speaker 8: sources is saying this has been an active probe since

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Speaker 8: at least last summer. You'll recall that earlier this week,

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Speaker 8: the CEO Andrew Whitti was suddenly replaced. It adds to

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Speaker 8: a long list of problems. The company's facing investigations of

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Speaker 8: potential anti trust violations and a civil investigation of its

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Speaker 8: medicare billing. What's more, the Trump administration looking to cut

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Speaker 8: federal health spending, and that is a key source of

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Speaker 8: United Health success. Of course, nobody can forget. One of

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Speaker 8: its executives was gunned down in Manhattan, leading to an

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Speaker 8: online surge of support for the alleged shooter. The company

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Speaker 8: is the worst performer in the down so far this year,

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Speaker 8: down thirty nine percent, and at Premi market trading right now,

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Speaker 8: the shares they are down close to five percent in

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Speaker 8: New York. I'm John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, thank you well. Retail also in the

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Speaker 2: spotlight this morning. Bloomberg News has learned Dick's Sporting Goods

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Speaker 2: as an advanced talks to buy Footlocker for twenty four

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Speaker 2: dollars a share. The acquisition would bring together two companies

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Speaker 2: with different business models, with Footlocker operating twenty four hundred

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Speaker 2: smaller stores globally and Dick's operating eight hundred big box

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Speaker 2: stores in US suburbs and shares a footlocker surging this morning,

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Speaker 2: up sixty nine percent.

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Speaker 3: And we'll get earnings Karen from a retail giant Walmart

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Speaker 3: this morning. We get a preview now from Bloomberg's Tom Busby.

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Speaker 9: The key for investors is whether customer spending has changed

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Speaker 9: amid the uncertainty around the Trump tariffs, and whether that

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Speaker 9: uncertainty has brought the retail or any new customers looking

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Speaker 9: for lower priced goods. Of notes, Walmart makes about half

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Speaker 9: its revenue from groceries, which are largely immune to those levees.

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Speaker 9: Same store sales in the US expected to be nearly

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Speaker 9: four percent higher comp sales that It's Sam Club Warehouse

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Speaker 9: stores should be up nearly five percent. Bloomberg consensus calls

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Speaker 9: for revenue of one hundred and sixty six point zero

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Speaker 9: two billion dollars on adjusted earnings of fifty eight cents

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Speaker 9: a share.

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Speaker 5: Tom Buzzby Bloomberg Radio, Tom, thank you.

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Speaker 2: The Walmart earnings are due out at seven am Wall

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Speaker 2: Street time. Then not e minutes later, we'll get the

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Speaker 2: April reading on retail sales. Economists are looking for sales

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Speaker 2: to be unchanged, and Bloomberg's Michael McKee has a preview

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Speaker 2: it's one.

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Speaker 10: Of the few data points with relevance in this waiting

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Speaker 10: on Trump's tariffs period. Sentiment surveys have shown an increasingly

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Speaker 10: depressed consumer for the FED and retail investors. The question

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Speaker 10: is whether attitude translates to action. The consensus forecast suggests

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Speaker 10: not yet. Car sales pulled forward earlier this year by

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Speaker 10: tariff threats likely slowed, but clothing and other consumer goods

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Speaker 10: likely rose as consumers look to front run Trump's import taxes.

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Speaker 10: So this report will get noticed. Michael McKee Bloomberg.

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Speaker 3: Radio, Mike Thanks and investors are also going to be

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Speaker 3: looking for clues on the future of interest rates. FED

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Speaker 3: chair Jay Powell speaks about the economy at a conference

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Speaker 3: before this morning's opening bell Nathan.

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Speaker 2: Billionaire Steve Cohen says the chance of a recession in

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Speaker 2: the US now stands at about forty five percent. The

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Speaker 2: founder of Hedge fun Points seventy two Set Management says

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Speaker 2: he does not expect the FED to cut rates right

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Speaker 2: away because quote, they are going to be worried about

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Speaker 2: inflation from tariffs. Coined me the comments of the Sowne

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Speaker 2: Investment conference in New York yesterday.

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Speaker 5: Time Now for a look at some of.

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Speaker 2: The other stories making news in New York and around

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Speaker 2: the world. And for that we're joined by Bloomberg's Michael

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Speaker 2: Barr Michael, Good Morning.

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Speaker 11: Good Morning, Karen. More testimony from Cassie Ventur, the ex

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Speaker 11: girlfriend of Sean Diddy Comb's in the federal government sex

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Speaker 11: trafficking and racketeering case against the music mogul. Ventura says

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Speaker 11: Combs forced her to record encounters with multiple male escorts

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Speaker 11: and using the humiliating footage as leverage. Ventura testified she

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Speaker 11: was trying to escape a sex encounter at the Los

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Speaker 11: Angeles Hotel in twenty sixteen when Combs was called on

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Speaker 11: security cameras running down the hall, knocking her down and

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Speaker 11: kicking her. Ventura will testify for a third day this morning.

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Speaker 11: Governor Kathy Okle announced that inflation refund checks up to

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Speaker 11: four hundred dollars will be sent this fall to eight

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Speaker 11: point two million households across New York State. Local says

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Speaker 11: she's fighting to help families address the rising cost of

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Speaker 11: living and groceries.

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Speaker 3: You just look at it every single week and think

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Speaker 3: the prices are going up and my paycheck is not.

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Speaker 11: Opponents wanted a more robust rainy day fund for the state.

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Speaker 11: Two New York Republicans, Nicole Meliatakis and Nick Lolota, signaled

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Speaker 11: that the cap on the state and local tax deduction

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Speaker 11: may rise to as much as eighty thousand dollars gield PEE.

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Speaker 11: Lawmakers from high tax states demand a boost in exchange

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Speaker 11: for their votes on President Trump's tax package. The bill

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Speaker 11: sets the cap at thirty thousand dollars right now. Lalota

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Speaker 11: on Bloomberg's Balance of Power says, though that's not enough.

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Speaker 12: We got to go back home and sell this at

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Speaker 12: a low thirty k cap when unlimited would come at

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Speaker 12: the end of the year.

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Speaker 10: If this bill expires, wouldn't be sufficient for my constituents.

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Speaker 11: The current ten thousand dollars salt cap expires at the

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Speaker 11: end of the year. The US approved the sale of

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Speaker 11: three hundred four million dollars worth of missiles to Turkey

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Speaker 11: as the NATO allies work to strengthen trade and defense ties.

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Speaker 11: The EPA said that it plans to weaken limits on

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Speaker 11: some forever chemicals in drinking water that were finalized last year.

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Speaker 11: Emilynovan is the co founder of Clean cape Fear called p.

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Speaker 5: Fast pfas polyfloral apple substances.

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Speaker 2: But we also refer to them as forever chemicals because

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Speaker 2: they tend to lift forever and there's no proven safe

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Speaker 2: disposal method.

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Speaker 11: The Biden administration set the first federal drinking water limits

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Speaker 11: for p fos, finding they increase the risk of certain cancers.

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Speaker 11: Global News twenty four hours a day and whenever you

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Speaker 11: want it with Bloomberg News Now Now Michael Baharn, this

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Speaker 11: is Bloomberg Karen.

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Speaker 2: All right, Michael Barr, thank you. Time now for the

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Speaker 2: Bloomberg Sports Update. Here's John Stafshower. John, Good morning, morning, Karen.

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Speaker 12: Knicks fans have been waiting twenty five years to see

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Speaker 12: their teams play in the conference finals. They have to

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Speaker 12: wait at least a couple more days. The next finally

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Speaker 12: lost a road playoff game. They've been five to oh

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Speaker 12: The Celtics state alive one twenty seven to one oh two.

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Speaker 12: Combined sixty points by Derek White and Jalen Brown and

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Speaker 12: backup center Luke Cornett, give an extra playing time due

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Speaker 12: to the Jason Tatum injury, had ten points, nine rebounds,

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Speaker 12: and seven block shots in defeat.

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Speaker 5: Josh Hart had his.

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Speaker 12: Best game led the Knicks with twenty four It's now

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Speaker 12: three to two, Knicks going back to the Garden for

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Speaker 12: Game six tomorrow. Minnesota, going back to the West Finals,

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Speaker 12: beat Golden State for a fourth straight time. One twenty

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Speaker 12: one one ten. Last year's Stanley Cup Final was Florida

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Speaker 12: against Edmonton. Both won on the road. The Panthers six

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Speaker 12: to one in Toronto, got up three to two in

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Speaker 12: the series the Oilers in Vegas. The game was scoreless

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Speaker 12: for sixty seven minutes. Hot colze On's tricidle sets up

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Speaker 12: your shoot same.

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Speaker 11: Day by help, he doesn't see.

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Speaker 2: That's on the go, Lotston, that's over.

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Speaker 8: The series is over, dude, mixed dollarshit it ain't over

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Speaker 8: time ESPN.

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Speaker 5: Edminton wins the series four to one.

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Speaker 12: The Yankee road trip ended with a three to two

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Speaker 12: winning Seattle thanks toing Aaron Judge the eighth inning home run,

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Speaker 12: his fifteenth, and Judge goes to the start of the

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Speaker 12: Subway series tomorrow with a four to twelve batting average.

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Speaker 12: That Mets go went off a four nothing home loss

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Speaker 12: to Pittsburgh. The Nationals ended their seven game llusion streak

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Speaker 12: five to four in Atlanta. The Red Sox lost to

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Speaker 12: the ninethe inning in Detroit, six to five, The Tigers

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Speaker 12: have the best record in baseball. The Giants learned their

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Speaker 12: season will not begin easily in Washington. In Dallas, then

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Speaker 12: the home opener a Sunday night game with Kansas City.

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Speaker 12: The Jets opened at home with Pittsburgh, so they could

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Speaker 12: very well be facing Aaron Rodgers.

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Speaker 5: The one hundred and.

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Speaker 12: Seventh PGA Championship. T's off today in Charlotte. For our

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Speaker 12: listeners in New York, Boston and DC, be live coverage

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Speaker 12: after the Globe Bellum on all weekend long on Bloomberg Radio.

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Speaker 5: Jobs to actually our Bloomberg Sports Karen.

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Speaker 1: Nathan coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 5: Good morning.

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Speaker 3: I'm Nathan Hager on a morning where prospects for a

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Speaker 3: breakthrough between Russia and Ukraine and their more than three

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Speaker 3: year war may be fading. Foreign ministers are meeting in

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Speaker 3: Turkey for those talks, but Russian President Vladimir Putin is

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Speaker 3: sending only a low level delegation. President Trump, for his part,

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Speaker 3: is sounding hopeful on that and other tension points.

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Speaker 6: Would like to see it end, and I think we're

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Speaker 6: gonna have a chance of doing it, and would like

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Speaker 6: to see a week to solve the Iran problem in

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Speaker 6: an intelligent way as opposed to a brutal way. There's

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Speaker 6: only two intelligent and brutal. Those are the two alternatives.

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Speaker 3: That was President Trump speaking at a meeting of business

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Speaker 3: leaders and caught her herd live on Bloomberg Radio this morning.

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Speaker 3: We're joined by Roslind Mathis and Bloomberg News Trek for Europe,

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Speaker 3: the Middle East and Africa.

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Speaker 5: Roz, thanks for being with us.

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Speaker 3: What are the chances for a breakthrough in Turkey when

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Speaker 3: we don't have President Putin apparently coming to meet with

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Speaker 3: President Zelenski?

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Speaker 5: Good morning, Good morning.

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Speaker 13: Yes, well, there are parallel meetings that could be going

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Speaker 13: on in Turkey. I mean today we do have the

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Speaker 13: Ukrainian President, Vladimirslinsky. He's going to be meeting with the

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Speaker 13: Turkish president Erdawan. Separate to that, there was the expectation

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Speaker 13: of this meeting between Russian and Ukrainian officials, and we

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Speaker 13: know that Russia is sending only what you'd have to

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Speaker 13: describe as a fairly low level delegation. Excuse me, to

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Speaker 13: attend these talks, a former negotiator who was involved back

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Speaker 13: in twenty twenty two, but not even the Foreign Minister

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Speaker 13: serge Lavrov in town for that so far, it seems,

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Speaker 13: And so what are those talks possibly going to achieve

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Speaker 13: without a higher level of representation. Certainly the Russian officials

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Speaker 13: there can't sign off on any kind of parameters around

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Speaker 13: a ceasefire. There's a lot of pressure, obviously from the

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Speaker 13: US and elsewhere on Russia to agree to at least

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Speaker 13: a thirty day cease fire. Maybe the conversation today sets

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Speaker 13: us on the path towards that, but without the Russian

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Speaker 13: president there in person, because really all of the decisions

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Speaker 13: about where Russia goes in this war with Ukraine are

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Speaker 13: made by Vladimir Putin himself. If he's not there to

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Speaker 13: lead those conversations, then it's unclear what kind of progress

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Speaker 13: we're going to get.

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Speaker 5: And we're getting.

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Speaker 13: Indications this morning from the Kremlin, from the Kremlin spokesman

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Speaker 13: Dmitri Peskov, who gave what had to be described as

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Speaker 13: a negative response when he was asked about whether there

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Speaker 13: was a chance that Putin might still show up in

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Speaker 13: Turkey today or tomorrow. So it doesn't seem at this

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Speaker 13: stage like that's on the table, but of course he

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Speaker 13: US President Donald Trump has dangled the possibility that he

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Speaker 13: could duck over to Turkey at some point, possibly tomorrow,

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Speaker 13: if Vladimir Putin were to change his mind.

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Speaker 3: The impression that President Trump seemed to give in some

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Speaker 3: of his comments was that Putin might not be coming

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Speaker 3: to Turkey because President Trump might not be able to

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Speaker 3: fit that visit of his own on his schedule. Is

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Speaker 3: that the impression that European leaders seem to share from

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Speaker 3: the conversations that are coming out of Turkey.

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Speaker 5: Now, well, Donald.

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Speaker 13: Trump does have a busy schedule, and he's been in

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Speaker 13: the Middle East for several days, and there's been a

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Speaker 13: blizzard of deals and meetings involved in that, and obviously

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Speaker 13: he's due to a return. But this is one of

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Speaker 13: the biggest things on Donald Trump's.

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Speaker 5: To do list.

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Speaker 13: His priority list is to get a cease far in Ukraine.

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Speaker 13: And no doubt if the Russian president said he was

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Speaker 13: going to turn up in Turkey, that Donald Trump would

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Speaker 13: divert his plane and turn up in Turkey, possibly tomorrow,

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Speaker 13: maybe even come back to Turkey on the weekend. I mean,

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Speaker 13: for Donald Trump, this is a really important thing. But

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Speaker 13: the question is does Vladimir Putin want to do that,

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Speaker 13: especially when the Ukrainian president is in town, because you

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Speaker 13: imagine the choreography for the preferred choreography for Vladimir Putin

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Speaker 13: is for him to first meet one on one with

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Speaker 13: Donald Trump and to have that conversation and those meetings

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Speaker 13: directly and not have z Linski in the room, and

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Speaker 13: then perhaps at some point it becomes a three way conversation.

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Speaker 13: But you'd imagine that Vladimir Putin would see himself as

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Speaker 13: first wanting to knit things off with Donald Trump, and

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Speaker 13: that makes again the possibility of a meeting today or

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Speaker 13: tomorrow less likely.

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Speaker 5: And I'm Nathan Hager.

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Speaker 3: Break