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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 here.

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Speaker 3: And we begin with the latest on the US trade

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Speaker 3: war with Canada and Mexico. President Trump is giving a

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Speaker 3: one month reprieve from twenty five percent tariffs to goods

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Speaker 3: covered under the US Mexico Canada Trade Agreement. The President

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Speaker 3: says he made the move after speaking with Mexican President

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Speaker 3: Claudia Schenbaum about drug and immigrant flows.

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Speaker 4: We're working much harder lately. Do you notice that on

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Speaker 4: people coming in and drugs? And we made tremendous progress

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Speaker 4: on both.

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Speaker 3: Still, the President says the break won't last after April second,

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Speaker 3: that is when he has promised reciprocal tariffs on a

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Speaker 3: range of countries. And he says he's not concerned about

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Speaker 3: the market selloff that followed the new tariffs.

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Speaker 4: Basically, you have globalist companies that have been ripping us

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Speaker 4: off that won't be able to rip us off any longer.

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Speaker 3: President Trump's decision means automobiles and parts that meet USMCA

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Speaker 3: requirements will be exempt from tariffs, but about sixty two

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Speaker 3: percent of Canadian imports will still be subject to a

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Speaker 3: twenty five percent duty.

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Speaker 2: Well, Nathan, Canada is responding to President Trump's tariff pause

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Speaker 2: with one of its own. It's stillaying a second phase

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Speaker 2: of retaliatory tariffs on US steel, aluminum, and cars until

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Speaker 2: April second. It was supposed to take effect March twenty fifth.

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Speaker 2: Canada has already imposed twenty five percent tariffs on about

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Speaker 2: twenty one billion dollars in American goods. Those duties will

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Speaker 2: remain in effect.

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Speaker 3: Meanwhile, Karen China remains under twenty percent tariffs from the US,

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Speaker 3: and now the country's top diplomat is blasting President Trump,

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Speaker 3: saying he's taking a hypocritical approach to bilateral ties. We

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Speaker 3: get more from Bloomberg Steven Engle at the National People's

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Speaker 3: Congress in Beijing.

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Speaker 5: Chinese Foreign Minister Wonge is known for having a rather

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Speaker 5: sharp tongue, and today, in a one and a half

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Speaker 5: hour long press conference in Beijing, he did not disappoint

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Speaker 5: attacking the Trump administration on a number of fronts, including trade.

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Speaker 5: Of course, the Trump administration doubled down on its terrifaction

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Speaker 5: against China earlier this week, raising it to twenty percent,

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Speaker 5: and China of course retaliated, but Wong twice referred to

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Speaker 5: the Trump administration as employing the law of the jungle.

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Speaker 5: Veiled reference, of course, to the Trump policies on trade.

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Speaker 5: He called on larger nations another veiled threat against the

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Speaker 5: United States to act responsibly and not resort to flexing

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Speaker 5: its large muscles and fists. He says, China opposes double standards,

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Speaker 5: trickery and bullying. Steven Engel, Bloomberg News, Beijing.

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Speaker 2: All right, Steven, thank you. We now turn to the

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Speaker 2: latest developments in the war in Ukraine. In twenty six,

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Speaker 2: European Union leaders back to declaration of support for Ukraine

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Speaker 2: at an emergency meeting in Brussels. Hungary's Russia friendly Prime

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Speaker 2: Minister Victor Orbon was the only one who did not

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Speaker 2: sign on. French President Emmanuel McCrone said the EU needs

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Speaker 2: to boost defense spending.

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Speaker 6: Lemanessi Quiki had given the threat and whatever happens in Ukraine,

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Speaker 6: we need to increase our defense capabilities and we need

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Speaker 6: to build in the next few years autonomous defense capabilities

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Speaker 6: for Europeans.

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Speaker 2: French President and Manuel Macron spoke through an interpreter as

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Speaker 2: the US pairs back its protective role. President Trump has

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Speaker 2: suggested the US might abandon its NATO commitments if other

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Speaker 2: members don't meet defense spending targets.

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Speaker 3: Well Karen uncertain deal over tariffs led to a volatile

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Speaker 3: week on Wall Street. Bloomberg's John Tucker's here at the update.

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Speaker 3: But John, the week's not over yet.

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Speaker 7: Well take heart, Nathan, the weekend's almost here now. As

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Speaker 7: you just heard, the idea of a Trump put as

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Speaker 7: pretty much evaporated after the President said quote I'm not

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Speaker 7: even looking at the market. Well, the NASAK one hundred

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Speaker 7: from its peak is now almost ten percent. That's the

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Speaker 7: level that would market correction. The S and P five

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Speaker 7: hundred is on track for its worst week since September,

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Speaker 7: and underscoring this growing risk, Aversions stocks failed the stage

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Speaker 7: of rebound even after the President delayed those tariffs on

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Speaker 7: Mexican and and goods for Steve Chevaron at Federated Armies.

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Speaker 7: The markets are becoming more reasonably priced.

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Speaker 8: I think that that ball of worry is going to

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Speaker 8: get knocked down or taken down brick by brick as

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Speaker 8: we get in the second half of the year, so

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Speaker 8: more pain to come.

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Speaker 4: We see a much much better second.

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Speaker 7: Half, and it's not just stocks. At this point. Oil continues.

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Speaker 7: It's slump that's on the idea of slower growth is

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Speaker 7: going to lead to slower demand. The largest digital asset, Bitcoin,

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Speaker 7: that is lower. That's even after President Trump signed in

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Speaker 7: executive order creating a Strategic Digital Token Reserve. The details, however,

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Speaker 7: fell short of industry expectations. You know, New York on

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Speaker 7: John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, thank you well. Bitcoin may be on

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Speaker 2: the decline. One chip stock is on the rise. Shares

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Speaker 2: of a Broadcom. They're up almost thirteen percent. This morning,

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Speaker 2: the key chip supplier for Apple and other big tech

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Speaker 2: companies posted earnings that beat analyst estimates and also gave

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Speaker 2: an upbeat forecast, reassuring investors that artificial intelligence spending remains healthy.

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Speaker 2: Lin Dwaan is a managing editor of technology for bloom News.

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Speaker 9: This is what the chip sector needed, right. It needed

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Speaker 9: a bright spot in Nvidia disappointed, which wasn't fair. Marvell disappointed,

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Speaker 9: which also wasn't fair. Both of them beat, but not

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Speaker 9: by enough. They wanted it to be overwhelming. Broadcom is

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Speaker 9: delivering on a beat, and it's a very solid beat.

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Speaker 2: Bloomberg News Managing editor Linda Wallan says Broadcom's AI sales

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Speaker 2: totaled four point four billion dollars in the quarter, and.

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Speaker 3: Karen's shares of Gap are surging up more than eighteen

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Speaker 3: percent in the pre market. The retailer exceeded analyst estimates

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Speaker 3: for comparable sales, led by better than expected results at

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Speaker 3: the namesake brand as well as Old Navy and Banana Republic.

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Speaker 2: Well on the flip side, Nathan shares of Hewlett Packard Enterprise,

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Speaker 2: they're plunging down more than well, almost twenty one percent

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Speaker 2: right now. The company gave an annual profit outlook that

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Speaker 2: fell short of investor expectations. It also announced plans to

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Speaker 2: eliminate about three thousand positions.

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Speaker 3: Now we're going to get a lot more on the

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Speaker 3: labor market picture, Karen, when we get the February jobs report,

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Speaker 3: and we get a preview now from Bloomberg's Michael McKee.

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Speaker 4: The chaos of the Trump administration's first weeks is swirling

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Speaker 4: around today's jobs report. Tariff talk has given us conflicting

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Speaker 4: signals about the strength of the labor market from a

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Speaker 4: host of labor indicators. Economists are generally looking through the noise,

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Speaker 4: anticipating about the same number of jobs created in February

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Speaker 4: as in January. The biggest reason is the timing of

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Speaker 4: data collection the pay period, including the twelfth of the month.

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Speaker 4: The big firings didn't really begin until the fourteenth, and

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Speaker 4: so wouldn't be captured. Wall Street, however, is leaning toward

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Speaker 4: a much lower number on fear the economy is slowing

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Speaker 4: growth threatened by Trump tariffs that could mean volatility today,

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Speaker 4: even though FED officials have already signaled their staying on

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Speaker 4: hold no matter what. Michael McKee, Bloomberg Radio.

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Speaker 3: All right, Mike, thanks and stick with Bloomberg for full

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Speaker 3: Jobs Day coverage on Bloomberg's surveillances starts as soon as

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Speaker 3: the numbers cross the terminal eight thirty am Wall Street Time.

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Speaker 3: Listen on Bloomberg Radio, Watch on the Bloomberg Podcasts YouTube page.

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Speaker 4: Well Nathan.

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Speaker 2: In addition to the jobs report, investors will be on

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Speaker 2: alert as a number of FED officials speak, and Bloomberg's

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Speaker 2: Charlie Pellett has the latest.

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Speaker 10: J Powell gives a keynote speech at an event in

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Speaker 10: New York hosted by the University of Chicago Booth School

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Speaker 10: of Business. New York FED President John Williams and FED

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Speaker 10: Governor Michelle Bowman will also speak. Investors are listening for

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Speaker 10: any remarks about the path of interest rates, the effects

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Speaker 10: of tariffs, and the outlook for inflation. Here's Federal Reserve

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Speaker 10: Bank of Philadelphia President Patrick Harker.

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Speaker 11: Inflation while we were moving slowly down through our two

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Speaker 11: percent target. I'm worried that right now that that is

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Speaker 11: at risk.

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Speaker 10: FED officials have signaled they are likely to leave rates

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Speaker 10: unchanged for some time in New York. Charlie Pellett, Bloomberg Radio.

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Speaker 2: Charlie, thank you, and you can hear J Powell's full

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Speaker 2: remarks at twelve thirty Wall Street time. That's on Bloomberg

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Speaker 2: Radio and the Bloomberg Podcast page on YouTube.

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Speaker 3: Well, Karen elon Musk's SpaceX has suffered another setback. We

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Speaker 3: get the details on the latest test flight from Bloomberg's

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Speaker 3: Lisa Matteo. Didn't go so well, Lisa, So.

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Speaker 12: It didn't Nathan. This was actually the eighth test flight

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Speaker 12: of its starship rocket and things really started out great,

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Speaker 12: and when it blasted off yesterday from South Texas, and

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Speaker 12: then this happened.

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Speaker 8: And we just saw some engines go out.

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Speaker 4: It looks like we are losing attitude control of the ship.

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Speaker 12: Yeah, this was just eight minutes into the flight. It

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Speaker 12: began spinning wildly out of control. The thing is some engines.

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Speaker 12: They started to malfunction before they were supposed to cut off,

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Speaker 12: and the mishap becaused the FAA's Air Traffic Control System

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Speaker 12: Command Center to actually pause takeoffs from some Florida airports

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Speaker 12: due to space debris. Now in a post on x Elon,

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Speaker 12: Musk called it quote a minor setback. He also said

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Speaker 12: the next ship is going to be ready in about

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Speaker 12: four to six weeks. Meanwhile, Intuitive Machine second lander Athena,

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Speaker 12: it also had some issues, and that's when it was

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Speaker 12: trying to land on the Moon yesterday, after the company

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Speaker 12: couldn't confirm its status. Its CEO said it was not

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Speaker 12: likely in the right position on the surface. Again, Intuitive

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Speaker 12: Machines shares well, they're down more than thirty four percent.

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Speaker 12: Lisa Matteo Bloomberg Radio.

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Speaker 2: Time Now for a look at some of the other

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Speaker 2: stories making news in New York and around the world,

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Speaker 2: and for that were joined by Bloomberg's Michael Varr. Michael,

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Speaker 2: Good morning, Good morning, Karen.

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Speaker 11: The South Korean court has ordered impeach President Yunsukiol to

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Speaker 11: be released from jail more than a month after he

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Speaker 11: was arrested and indicted over his short lived imposition of

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Speaker 11: martial law. The decision by the Soul Central District Court

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Speaker 11: would allow you to stand his criminal trial while not

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Speaker 11: being physically detained. The court said it accepted Yun's request

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Speaker 11: to be released from jail because the legal period of

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Speaker 11: his formal arrest expired before he was indicted. In late January,

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Speaker 11: federal authorities revealed two active duty service members were arrested

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Speaker 11: on accusations they conspired to spy for China. The Justice

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Speaker 11: Department says US Army soldiers conspired to illegally obtain national

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Speaker 11: defense information and send it to individuals in China. The

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Speaker 11: soldiers were stationed at Joint Base Lewis McCord in Washington State.

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Speaker 11: Mike Harrington, special Agent in charge of the FBI Seattle

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Speaker 11: Field Office, said there is reason to believe some of

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Speaker 11: the data is top secret information.

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Speaker 10: That identifies saw the United States military's capabilities, plans, and

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Speaker 10: intentions and could really put us at a severe disadvantage

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Speaker 10: if they were to fall in the wrong hands.

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Speaker 11: The FBI's Mike Harrington says a third suspect, a former

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Speaker 11: Army soldier, was also arrested during a kickoff event in

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Speaker 11: Miami Beach, Florida. Governor Around Dessanta's unveiled plans for increased

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Speaker 11: security in places like Miami Beach for Spring Break twenty

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Speaker 11: twenty five.

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Speaker 13: It's a very welcoming city. But at the same time,

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Speaker 13: you know, we can't have things just descended to madness

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Speaker 13: in mayhem and chaos.

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Speaker 11: Governor Desanta says he has deployed one hundred and forty

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Speaker 11: state troopers to assist local law enforcement efforts. Global News

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Speaker 11: twenty four hours a day and whenever you want it

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Speaker 11: with the Bloomberg News Now. I'm Michael Barr, and this

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Speaker 11: is Bloomberg.

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Speaker 2: Karen Hurry, Michael Barr, thank you time now for the

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Speaker 2: Bloomberg Scores update, brought to you by Try State OUTI

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Speaker 2: here's John Stanshawer. John, good morning, Good morning care.

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Speaker 13: Not the way the Knicks wanted to be in their

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Speaker 13: five game road trip in LA against the Lakers. A

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Speaker 13: blown lead and almost game winning shot at the end

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Speaker 13: of regulation, but Josh Hart's layup came a tick after

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Speaker 13: the buzzers down, and then with a minute a half left,

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Speaker 13: in overtime, Jalen Brunson rolled in his ankle. Lakers went

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Speaker 13: on to win one thirteen, one oh nine. They're two superstars.

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Speaker 13: Lebron James and Luca Donson's combined for sixty three points,

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Speaker 13: nineteen rebounds and twenty assists. Brunston scored thirty nine before

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Speaker 13: he had to be helped off the court. Coach Tom

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Speaker 13: Thibodeau said they're awaiting test results, but Brunson's close friend

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Speaker 13: Hart said it looks like Brunston's gonna be out a while.

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Speaker 13: He's the nick they can least afford to lose. In

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Speaker 13: Brooklyn Warriors the Nets one twenty one, one nineteen. Steph

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Speaker 13: Curry scored forty. In Boston Celtics met the Sixers won

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Speaker 13: twenty three, one oh five. Jason Tatum at thirty five.

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Speaker 13: Bruins lost at Carolina three to two. NHL trade deadline

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Speaker 13: three o'clock today, the Islanders have traded Brock Nelson to

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Speaker 13: Colorado for two players in the first round pick Nelson

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Speaker 13: and an Islander for twelve years. He'll be a free agent

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Speaker 13: after the season, so will Riley Smith. That's why the

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Speaker 13: Rangers shipped him to Vegas for Brendan Bisson and the

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Speaker 13: third round of Smith was with Vegas before helping the

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Speaker 13: win the Stanley Cup couple of years ago. Yankee injury

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Speaker 13: news Luise heals latstrain gonna prevent him from pitching for

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Speaker 13: at least three months. Dj Lemaye, who's missed time with

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Speaker 13: the recent injuries to his toe, foot and hip, now

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Speaker 13: has a calf strain out several weeks. And Yankee Jim

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Speaker 13: manager Brian Cashman asked about Giant Carlos Stanton's injured elbows.

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Speaker 8: He thought we were in a good place and I

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Speaker 8: think he was feeling making a good place, but then

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Speaker 8: it reared. It's uckily had you know about three weeks

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Speaker 8: before camping is my understanding, and so now we're dealing

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Speaker 8: with him.

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Speaker 10: So uh, you know, give it the time of.

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Speaker 8: Needs and you know, we'll clearly look forward to getting

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Speaker 8: them back at some point, but obviously in the near

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Speaker 8: term that will be the coast.

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Speaker 13: Cashman said they treated Stanton with plasma injections. He said

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Speaker 13: surgery have seen only as a last resort. John Stash,

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Speaker 13: I we're Bloomberg Sports, Karen.

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Speaker 2: Nathan, all right, John, thank you. This updates brought to

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Speaker 2: you by Audi visit your tri state Audi dealer today

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Speaker 2: and get behind the wheel of the Audi model you've

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Speaker 2: always wanted.

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Speaker 11: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 11: and around the world on Bloomberg dot Com and the

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Speaker 11: Bloomberg Business app.

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Speaker 4: This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hager, and we get our first

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Speaker 3: official look at the labor market from the start of

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Speaker 3: the new Trump administration. This morning, the non farm payrolls

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Speaker 3: report for the month of February comes out ahead of

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Speaker 3: the opening bell, and here to preview it for us

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Speaker 3: in our interactive Brokers studios this morning. Veronica Clark, us

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Speaker 3: economist at City. Great to have you with us in

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Speaker 3: person on a job's Friday. With the consensus calling for

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Speaker 3: one hundred and sixty thousand new jobs added, the unemployment

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Speaker 3: rate at four percent, you're a bit below consensus at

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Speaker 3: one thirt five.

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Speaker 1: Yes, yeah, exactly, Thank you for having me. Yeah, we

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Speaker 1: do think we'll see some more slowing in the labor

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Speaker 1: market in February, but one thirty five thousand jobs at it,

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Speaker 1: that's still a pretty healthy pace of job growth. Might

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Speaker 1: see the unemployment rate take a bit higher to four

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Speaker 1: point one percent. But I think the issue with this

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Speaker 1: February reading is it's still a bit early. It's not

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Speaker 1: going to get into new government layoffs in the last

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Speaker 1: couple of weeks of sentiment really shifting. It's certainly not

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Speaker 1: going to cover a period of two substantial teriffs. We

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Speaker 1: saw some tariffs on China, but the outlook I think

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Speaker 1: would look a lot weaker going out going.

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Speaker 3: To old That is interesting because Bloomberg Economics is going

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Speaker 3: even farther below consensus with sixty five thousand on the

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Speaker 3: thinking that we could start to see some of that

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Speaker 3: impact of federal government slow down in hiring impacting other sectors.

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Speaker 3: Could we start to see that even before many of

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Speaker 3: these ade layoffs start to feed into the data even more.

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Speaker 1: Clearly, Yeah, yeah, we certainly could. I think you know,

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Speaker 1: other labor market data that we do have for February,

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Speaker 1: we got announcements of job cuts yesterday that we're pretty elevated.

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Speaker 1: Probably takes a bit of time for those to show

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Speaker 1: up in actual layoffs. We do know that, you know,

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Speaker 1: initial jobless claims we're mostly low through the first half

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Speaker 1: of February, but yeah, we might start to see some

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Speaker 1: slowing and I think the issue is, Yeah, as we're

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Speaker 1: getting into the next couple of months, we're coming into

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Speaker 1: the bigger headwinds. So if the labor market is already

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Speaker 1: slowing in February, that's a worse situation going into even

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Speaker 1: more weakness.

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Speaker 3: Well, let's look ahead over the next couple of months.

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Speaker 3: How much weakness do you think we could see from

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Speaker 3: some of this Doge effort.

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Speaker 1: Yeah, we're of course trying to track the headlines. I think,

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Speaker 1: like everyone else's still a lot of uncertainty. So far,

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Speaker 1: we're tracking something maybe around forty to sixty k that

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Speaker 1: have already happened or could happen in the next couple

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Speaker 1: of weeks. As we're getting into the summer, that seems

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Speaker 1: like when we might see some of the bigger layoffs,

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Speaker 1: maybe something as much as three hundred thousand. Now that's

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Speaker 1: going to be worth probably a couple tenths of an

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Speaker 1: increase on the unemployment rate. But what worries me more

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Speaker 1: is the spillover into the private sector, you know, private contractors,

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Speaker 1: people who rely on government funds, and just the increase

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Speaker 1: uncertainty and what that could do to hiring, especially as

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Speaker 1: we're getting into the spring and summer. That's a time

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Speaker 1: of year when hiring is supposed to pick up, and

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Speaker 1: maybe it doesn't.

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Speaker 3: Now we haven't even talked to you a bit about

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Speaker 3: the uncertainty sparked potentially by the tariffs. How could that

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Speaker 3: play into the labor picture as well?

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Speaker 1: Yeah, it is I think just a really hard time

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Speaker 1: for some companies to be hiring. Of course, in manufacturing sector,

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Speaker 1: sectors that rely on on those trade relationships. We have

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Speaker 1: seen some surge in activity potentially before tariffs, you know,

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Speaker 1: frontloading of imports. Maybe consumers are buying goods ahead of

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Speaker 1: possible tariff induced price increases. But overall that's going to

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Speaker 1: weigh on spending and way on activity, and we might

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Speaker 1: see resulting job losses.

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Speaker 3: Do you see it weighing on wages as well? How

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Speaker 3: does it affect the wage picture?

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Speaker 1: Yeah, it is is an interesting question.

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Speaker 9: It could.

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Speaker 1: I think overall it would probably be you know, net

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Speaker 1: negative for wage growth, just in the fact that it

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Speaker 1: is an activity shock first and foremost. You know, maybe

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Speaker 1: if we're eventually bringing production back to domestic production, that

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Speaker 1: could boost wages, but that's an effect longer down the road,

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Speaker 1: I think.

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Speaker 3: Just thirty seconds left, Veronica, But do you see any

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Speaker 3: sectors that could pick up the slack from some of

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Speaker 3: this uncertainty.

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Speaker 1: Yeah, I mean we have seen, you know, where we've

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Speaker 1: seen the consistent strength in the economy recently the last

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Speaker 1: couple of years really has been sectors like healthcare, and

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Speaker 1: I expect that to continue. But even they're going to

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Speaker 1: be facing uncertainty of you know, medical funding cuts, research cuts,

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Speaker 1: things like that. We did earlier this week see ADP

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Speaker 1: employment and saw decline in that sector. We'll see if

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Speaker 1: that's repeated. But overall, software activity is going to on

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Speaker 1: the economy as a whole.

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Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories

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