Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Good morning, I'm Nathan Hagen and now I'm Laksimiteout Lisa.
Speaker 2: We begin with a milestone in the second presidency of
Speaker 2: Donald Trump. The President marked his one hundredth day in
Speaker 2: office with a rally in Michigan, Automotive country.
Speaker 3: After decades of politicians who destroyed Detroit to build up Beijing,
Speaker 3: you finally have a champion for workers in the White House.
Speaker 3: And instead of putting China first, I'm putting Michigan first,
Speaker 3: and I'm putting America.
Speaker 2: For President Trump told the crowd in Warren, Michigan that
Speaker 2: his program of sweeping tariffs will unleash economic growth and
Speaker 2: bring back manufacturing jobs that he says it's already paying off.
Speaker 4: And inflation is basically down, and interest rate came.
Speaker 5: Down despite the fact that I have a FED person.
Speaker 4: Who's not really doing a good job.
Speaker 6: But I won't say that.
Speaker 7: I want to be very nice.
Speaker 3: I want to be very nice and respectful to the FED.
Speaker 2: President Trump's rally came hours after he signed a bit
Speaker 2: of relief from some of his tariffs for the auto industry,
Speaker 2: including a two year reduction in twenty five percent duties
Speaker 2: on foreign parts for cars made in the US Banathan.
Speaker 8: President Trump is sticking to his overall tariff plan, including
Speaker 8: one hundred and forty five percent levies on Chinese imports.
Speaker 8: In an interview with ABC News, the President said he
Speaker 8: does not think they'll hurt American consumers.
Speaker 4: China probably will eat those tariffs, but at one hundred
Speaker 4: and forty five they basically can't do much business with
Speaker 4: the United States, and they were making.
Speaker 7: From US a trillion dollars a year.
Speaker 4: They were ripping us off like nobody's ever ripped us off.
Speaker 9: Well.
Speaker 8: Still, the President acknowledge the tariffs amount to a near
Speaker 8: embargo on trade with China. He says Beijing deserves it
Speaker 8: and Lisa.
Speaker 2: Reaction is pouring in this morning to President Trump's speech
Speaker 2: and his first one hundred days in office. Jeanie Sheienzano
Speaker 2: is a political contributor at Bloomberg.
Speaker 9: His support and approval in terms of his handling on
Speaker 9: the economy has draped in this last one hundred days,
Speaker 9: and that's why he's attacking the pollsters. And I think
Speaker 9: he's really missing an important opportunity. This is his first
Speaker 9: time on the road since he became president. His first
Speaker 9: big rally in a swing state to explain to the
Speaker 9: American public this thing that he cares so deeply about,
Speaker 9: which is tariffs. He reiterated again to these interviewers in
Speaker 9: the last few days, he is deeply committed to this
Speaker 9: tariff regime.
Speaker 2: Bloomberg political contributor Genie Sheianzo notes the polls show voters
Speaker 2: wary of President Trump's economic agenda in Michigan. Trump dismissed
Speaker 2: the surveys as biased against him.
Speaker 8: Well, Nathan, Amazon says it will not display the cost
Speaker 8: of US tariff's on products. That's after the White House
Speaker 8: blasted the reported move and President Donald Trump called Jeff
Speaker 8: Bezos to complain. Speaking outside the White House, Trump described
Speaker 8: his call with the Amazon founder.
Speaker 3: Great Jeff Bezos was very nice.
Speaker 5: He was terrific.
Speaker 3: He solved the problem very quickly, and he did the
Speaker 3: right thing, and it's a good guy.
Speaker 10: Well.
Speaker 8: That rebuke was sparked by an earlier punch Bowl News
Speaker 8: report that the e commerce giant would soon begin displaying
Speaker 8: the cost of US tariffs on individual products next to
Speaker 8: the total listed price.
Speaker 2: Well, Lisa, we may be starting to see the cost
Speaker 2: of tariffs on China, and now the country's factory activity
Speaker 2: slipped into its worst contraction since December of twenty twenty three.
Speaker 2: Economists are calling for a speedy policy boost. Some are
Speaker 2: forecasting a significant economic slow down this quarter that could
Speaker 2: trigger more stimulus and.
Speaker 8: Turning to the markets future is lower. This is after
Speaker 8: a six straight day of gains on Wall Street and
Speaker 8: it'll be another busy day for earnings with fifty companies
Speaker 8: in the S and P five hundred reporting, and they
Speaker 8: include two of the mags seven, Microsoft and Meta. Let's
Speaker 8: get a preview from Bloomberg's tom.
Speaker 11: Buzby Microsoft, It's expected to post positive results, but there
Speaker 11: are concerns that growth and it's as your cloud computing
Speaker 11: unit could be at the low end of guidance, signaling
Speaker 11: of further deceleration in the fourth quarter amid a slow
Speaker 11: down a data center and AI spending. That's after it
Speaker 11: canceled leases on new server farms and slowed construction on
Speaker 11: landed already owns. Bloomberg consensus calls for revenue of sixty
Speaker 11: eight point forty eight billion on adjusted earnings per share
Speaker 11: of three dollars and twenty one cents. Tom buzzby Bloomberg Radio.
Speaker 2: Okay, Tom thank you While we wait for those Microsoft results.
Speaker 2: Let's catch updated on some stocks on the move following earnings.
Speaker 2: Shares of super Micro Computer are down fifteen and a
Speaker 2: quarter percent. The server maker gave preliminary results that fell
Speaker 2: well short of analyst estimates. Super Micro had previously been
Speaker 2: a favorite of AI obsessed investors. Now it attributes its
Speaker 2: underperformance to customers delaying purchases.
Speaker 8: And Nathan shares of Snap They're down fourteen percent. The
Speaker 8: company's scaling back its full year target for adjusted operating expenses.
Speaker 8: It also declined to issue a sales forecast for the
Speaker 8: current period due to macroeconomic headwinds affecting its advertising business.
Speaker 2: And Lisa's. Shares of Starbucks are down more than six percent.
Speaker 2: The coffee chain posted earnings below estimates. The same store
Speaker 2: sales declined one percent in the quarter.
Speaker 8: And it's also a busy morning for earnings in Europe,
Speaker 8: with some big banks reporting. Let's go to London and
Speaker 8: get the very latest with Bloomberg's You on Pots, Good
Speaker 8: Morning You on.
Speaker 12: Lisa, and Nathan. More big beats from Europe's big banks, Ubs, Santander,
Speaker 12: and Barclay's all smashing estimates today. Volatility is the word
Speaker 12: of the moment, with whip sorry markets driving returns.
Speaker 13: In the first quarter.
Speaker 12: In Switzerland, UBS Group's markets unit posted a record performance,
Speaker 12: with equities and FX trading revenue up thirty two percent.
Speaker 12: Here in London, Barclay's dock traders cashed in with their
Speaker 12: best quarter in almost three years. But over in Spain,
Speaker 12: Santander's shares lower today despite a beat on net income,
Speaker 12: the country's biggest bank reporting a drop in net interest income,
Speaker 12: perhaps the sign of things to come as the ECB
Speaker 12: cuts rates. Lisa and Nathan now you.
Speaker 8: And Donald Trump's tariff's also causing some European carmakers to
Speaker 8: scrap their guidance.
Speaker 12: Yeah Away from the trading desks, the mood on the
Speaker 12: factory floors of Europe's biggest automakers is a lot gloomier.
Speaker 12: Donald Trump's tariffs have prompted several large carmakers to withdraw
Speaker 12: their financial guidance, jeep Onus Delantis and Germany's Mercedes Benz
Speaker 12: Group pulling their forecast for this year, citing the duties
Speaker 12: as they up end supply chains and drive up car
Speaker 12: prices around the world. Volkswagen left its outlooked largely unchanged,
Speaker 12: but warned its forecast doesn't factory in the impact of
Speaker 12: the tariffs. Live in London, I'm youw and pots of
Speaker 12: Bloomberg Radio.
Speaker 5: Okay you and thank you.
Speaker 2: Back here in the US, we're waiting for a key
Speaker 2: reading on the economy. The government reports first quarter economic
Speaker 2: growth before the opening bell. Economists to forecasting a sharp
Speaker 2: slowdown in GDP due to President Trump's policy shifts disrupting activity.
Speaker 2: The median forecast is for a drop of two tenths
Speaker 2: of one percent.
Speaker 8: All right, time now for a look at some of
Speaker 8: the other stories making news in New York and around
Speaker 8: the world. For that, we're joined by Bloomberg's Michael Barr.
Speaker 4: Hey.
Speaker 8: There, Michael Hey.
Speaker 10: Lisa, the first accuser in Disgrace movie mogul Harvey Weinstein's
Speaker 10: sexual assault retrial, took the witness stand yesterday in Manhattan.
Speaker 10: Miriam Haley told the jury that when she went to
Speaker 10: meet Weinstein on the sidelines of the two thousand and
Speaker 10: six Cans Film Festival, all she wanted was work. Haley
Speaker 10: says Weinstein commented on her legs and asked for a massage.
Speaker 10: Hailey testify that she said no. Weinstein, who is seventy
Speaker 10: three is pleaded not guilty and deny sexually assaulting anyone.
Speaker 10: Millions of Americans are on alert for spring storms. Severe
Speaker 10: weather and possible tornadoes have already caused destruction in Missouri.
Speaker 10: Outside of Springfield. Jerry Bowsow a tree fall on his
Speaker 10: neighbour's home.
Speaker 7: I just kept praying that it wouldn't get as bad
Speaker 7: as it finally got. You couldn't hardly see anything because
Speaker 7: it was so foggy. We feel far suitent, and our
Speaker 7: neighbors have a lot of damage, but they're all alive.
Speaker 10: There are also several flood threats from Missouri to Minnesota.
Speaker 10: Over one hundred and thirty cardinals will gather at the
Speaker 10: Vatican next week for the conclave to choose the next pope.
Speaker 10: Vatican analysts Father Tom Reese.
Speaker 14: I think we're going to find someone who supported Pope Francis,
Speaker 14: who is in touch with his legacy and wants.
Speaker 12: To continue it.
Speaker 14: But we're not going to find anybody like Pope Francis.
Speaker 14: There's just nobody like him.
Speaker 10: Meanwhile, the disgraced Italian cardinal at the heart of the
Speaker 10: Vatican's trial of the century, announced he was withdrawing from
Speaker 10: participating in the conclave. Cardinal Angelo Bechi, who was banned
Speaker 10: from the gathering after his twenty twenty three conviction on
Speaker 10: finance related charges. Although he maintains his innocence, the president
Speaker 10: of Harvard says, I'm sorry. After the university released its
Speaker 10: long awaited reports on anti Semitism and anti Muslim bias.
Speaker 10: The reports presented a scathing critique of how its students
Speaker 10: treated each other in the aftermath of the Hombos attack
Speaker 10: against Israel on October seventh, twenty twenty three. It comes
Speaker 10: as the Cambridge, Massachusetts based school has fired back at
Speaker 10: demands from the Trump administration to exert government control over
Speaker 10: the school. Global News twenty four hours a day and
Speaker 10: whenever you want it with the Bloomberg News Now, Michael
Speaker 10: bar this Bloomberg, Lisa, Thank.
Speaker 8: You, Michael. Time now for our Bloomberg Sports update. For that,
Speaker 8: we bring in John's Dash Hour.
Speaker 5: Thanks Lisa. Every game in this Knicks Pistons series has
Speaker 5: been close, tough, physical, grinded out type games. More the
Speaker 5: same game five of the Garden, both teams struggled to
Speaker 5: score for most of the first After Troit went up
Speaker 5: by ten in the third quarter, Knicks rallied took a
Speaker 5: couple of narrow, short lived leads in the fourth, but
Speaker 5: the Pistons, facing eliminations, stayed alive, winning one of six
Speaker 5: to one oh three. The Knicks Karl Anthony Towns knows
Speaker 5: nothing in this series has come easy.
Speaker 6: We haven't put ourselves in a position to get a
Speaker 6: commanding win, you know, We've we've been very gritty this
Speaker 6: whole series and physical, and it's allowed us to find
Speaker 6: a way a lot of times to win. I think
Speaker 6: what was the differential in Detroit, like three?
Speaker 5: Indeed, they won by two points and then by one,
Speaker 5: and then last night lost by three, and the series
Speaker 5: is going back to Detroit where the Pistons still haven't
Speaker 5: won a playoff game in seventeen years. But if they
Speaker 5: do win tomorrow, it'll be game seventh the Garden. On Saturday,
Speaker 5: the Celtics await the series, winning Boston dominated the second half,
Speaker 5: beat Orlando won twenty to eighty nine, won the series
Speaker 5: four to one. Indiana moving on, finished overtime with an
Speaker 5: eight to nothing run over the last thirty five seconds
Speaker 5: to aus Milwaukee one nineteen one eighteen Denver beat The
Speaker 5: Clippers won thirty one, one to fifteen. Jamal Murray scored
Speaker 5: forty three. The season over for the Devils painful Game
Speaker 5: five loss at Carolina, New Jersey led three to nothing,
Speaker 5: but four minutes into the second overtime Sebastian Ajo scored.
Speaker 5: Hurricanes won five to four, took the series in five,
Speaker 5: also winning in the NHL Ottawa, Edmonton, and Vegas in overtime.
Speaker 5: There was a point last night where the Mets and
Speaker 5: Yankees were winning their games by a combined score of
Speaker 5: twenty to nothing. Mets beat Arizona eight to three. They're
Speaker 5: now thirteen and one at home. The Yankees won in
Speaker 5: Baltimore fifteen to three. They began the game first three batters,
Speaker 5: three solo home runs. Red Sox won ten to two
Speaker 5: in Toronto. The National lost seven to sixth in Philadelphia.
Speaker 5: John Stanshoward Bloomberg Sports, Lisa and.
Speaker 1: Nathan Coast to Coast on Bloomberg Radio nationwide on Sirius XM,
Speaker 1: and around the world on Bloomberg dot Com and The
Speaker 1: Bloomberg Business Apple. This is Bloomberg Daybreak.
Speaker 2: Good morning. I'm Nathan Hager. President Donald Trump has marked
Speaker 2: his first one hundred days bank in office with a
Speaker 2: rousing defense of his economic policies. Sweeping tariffs, cutting taxes,
Speaker 2: and reshaping the federal government.
Speaker 13: We're taking back our country from a.
Speaker 3: Sick political class. They got rich selling America out and
Speaker 3: bleeding America dry.
Speaker 4: We don't let that happen anymore.
Speaker 2: That was the President at a one hundred to day
Speaker 2: rally last night in McComb County, Michigan. This morning, we
Speaker 2: are joined by Bloomberg News Senior editor Bill Ferries.
Speaker 10: And Bill.
Speaker 2: After the flurry of activity we've seen since January twentieth
Speaker 2: from the president, he's back in campaign mode. Now, what
Speaker 2: did you take away from the rally last night?
Speaker 13: Good morning, Good morning, Nathan, Thanks for having me. Well,
Speaker 13: really interesting thing was this is one of President Trump's
Speaker 13: first real opportunities to get before his supporters in a
Speaker 13: very public way. Since we've started to see the rollout
Speaker 13: of these tariffs, we started to see a lot of
Speaker 13: that market volatility and a lot of questions about whether
Speaker 13: this is the right track. We know some of his
Speaker 13: poll numbers are down, we know consumer confidence is down,
Speaker 13: and things like the S and P have also weakened.
Speaker 13: So this was a chance, as you said, for him
Speaker 13: to have another one of these campaign style rallies and
Speaker 13: put some of the first one hundred days in perspective,
Speaker 13: now that we're all sort of starting to digest what
Speaker 13: these policies are now.
Speaker 2: One element that came out last night the President said
Speaker 2: inflations coming down, interest rates are down. Despite having a
Speaker 2: person in the Feed he says is not really doing
Speaker 2: a very good job. What to make of this renewed
Speaker 2: criticism now for FED share Powell?
Speaker 13: Yeah, I don't think he used Jay Powell's name directly,
Speaker 13: but everyone knows who he was talking about. I don't
Speaker 13: think despite kind of the market volatility we saw when
Speaker 13: people thought that maybe Trump would try to fire j Powell,
Speaker 13: I don't think he's ever going to totally let go
Speaker 13: of this until we see the FED cutting rates to
Speaker 13: a level that Trump is comfortable with. There are a
Speaker 13: lot of questions about the economy in the months ahead.
Speaker 13: We've seen companies kind of ditching their forecast for the
Speaker 13: year as this uncertainty plays out. One thing that usually
Speaker 13: does give the economy or at least the stock market
Speaker 13: a boost are FED rate cuts. So I think Donald
Speaker 13: Trump would like to see that happen to help kind
Speaker 13: of juice things up a little bit. While the rest
Speaker 13: of his agenda starts to play out. He says the
Speaker 13: tariff money is rolling in. He says the tax cuts
Speaker 13: are coming, but he I think would like to see
Speaker 13: the Fed do what he would argue is its part
Speaker 13: in all this.
Speaker 2: Can we say that concerns about the economy could be
Speaker 2: part of the reason why President Trump signed that little
Speaker 2: bit of a reprieve for tariffs on the auto industry
Speaker 2: at a time where he was appearing before the auto
Speaker 2: industry obstensibly yeah, absolutely.
Speaker 13: I mean this was a speech, a rally in the
Speaker 13: heart in Michigan, in the heart of the auto industry,
Speaker 13: Donald Trump kind of giving another big reprieve to auto
Speaker 13: makers basically saying he doesn't want tariffs to stack up
Speaker 13: on them, you know, tariffs on top of tariffs on
Speaker 13: some of those imported cars or the parts. And also
Speaker 13: just stepping back really like laying out a three year
Speaker 13: roadmap on the on tariffs for auto parts. So, you know,
Speaker 13: I think the big fear is someone who was, you know,
Speaker 13: shopping for a car a few months ago, going back
Speaker 13: to the dealership and seeing something that may cost thousands
Speaker 13: of dollars more that politically would be really really tough
Speaker 13: for this president.
Speaker 2: All in although Bill where would you say the president
Speaker 2: is when it comes to his focus on tariffs. So
Speaker 2: we heard him talking about it at the rally and
Speaker 2: again in an interview on ABC News, saying that he
Speaker 2: thinks China is going to feel most of the burn
Speaker 2: from the tariffs in place, even as we're starting to
Speaker 2: see some major Chinese companies at least try to pass
Speaker 2: on some of the added cost to consumers.
Speaker 13: Yeah, both sides are neither side really willing to blink
Speaker 13: here so far in this fight. That Donald Trump's saying
Speaker 13: that he thinks China is going to quote eat these tariffs,
Speaker 13: meaning that he thinks they'll start absorbing some of the costs.
Speaker 13: No sign from Chinese companies like Shian and Temu, big
Speaker 13: retailers that ship directly to a lot of Americans. No
Speaker 13: sign that they're really going to absorb any of that.
Speaker 13: They're trying to pass on basically all the costs they're getting.
Speaker 13: I think we're going to have to see how some
Speaker 13: of these one on one trade deals work out. The
Speaker 13: administration has said Japan and India are near the top
Speaker 13: of the list. Until you get a little more certainty
Speaker 13: on that front, I think the jury's going to be
Speaker 13: out on whether these tariffs are going to do a
Speaker 13: lot of damage or actually ben fit of the US
Speaker 13: economy and manufacturing.
Speaker 2: This is Bloomberg Daybreak, your morning podcast on the story's
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