1 00:00:03,640 --> 00:00:06,800 Speaker 1: Live from the Bloomberg Interactor Berger Studios is his Bloomberg 2 00:00:06,880 --> 00:00:11,920 Speaker 1: Daybreak for a Tuesday. Coming up this hour, US Futures 3 00:00:11,920 --> 00:00:15,120 Speaker 1: sank his earnings from snaps and big Tech lower. Christie 4 00:00:15,200 --> 00:00:18,200 Speaker 1: mcguard weighs in on monetary policy, saying she won't rush 5 00:00:18,200 --> 00:00:21,480 Speaker 1: into a drawing stimulus US primaries and focus again as 6 00:00:21,480 --> 00:00:25,040 Speaker 1: contest that Georgia could show Donald Trump's influence on the GOP. 7 00:00:25,840 --> 00:00:28,160 Speaker 1: The gunman in a deadly subway shooting in New York 8 00:00:28,200 --> 00:00:31,120 Speaker 1: remains on the loops. Plus, Texas Governor Rabbits says Moore 9 00:00:31,200 --> 00:00:34,040 Speaker 1: is needed to stop the flow of migrants. I'm Michael Barre. 10 00:00:34,159 --> 00:00:38,000 Speaker 1: More ahead, ib Scott Edinburg. The Yankees shopped their third scrape. 11 00:00:38,000 --> 00:00:40,480 Speaker 1: That Mets win big outrest, I'll have that in more 12 00:00:40,560 --> 00:00:46,480 Speaker 1: coming up in sports. That's all training Ahead on Bloomberg 13 00:00:46,560 --> 00:00:51,640 Speaker 1: Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington, 14 00:00:51,760 --> 00:00:55,800 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixty, 15 00:00:55,880 --> 00:01:00,000 Speaker 1: San Francisco, Sirius x M one nineteen and around the world. 16 00:01:00,000 --> 00:01:03,080 Speaker 1: Old on Bloomberg Radio dot Com and via the Bloomberg 17 00:01:03,120 --> 00:01:10,119 Speaker 1: Business App. And good Morning. I'm Kared Moscow Gim, John 18 00:01:10,120 --> 00:01:12,240 Speaker 1: Tucker Bloomberg Day Break being brought to you by B 19 00:01:12,480 --> 00:01:16,479 Speaker 1: N Y Melon Pershing's Inside Conference back in person June 20 00:01:16,480 --> 00:01:20,440 Speaker 1: fifteenth through the seventeenth at the Gaylord Resort in Grapevine, Texas. 21 00:01:20,720 --> 00:01:23,680 Speaker 1: Don't miss it. Register now at Insight dot B and 22 00:01:24,000 --> 00:01:27,400 Speaker 1: y Melon dot com. And futures are lower this morning 23 00:01:27,440 --> 00:01:29,399 Speaker 1: six o one on Wall Street. We check the markets 24 00:01:29,440 --> 00:01:32,360 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg. Right now, 25 00:01:32,440 --> 00:01:35,120 Speaker 1: SNP futures are down forty eight points down. Futures down 26 00:01:35,160 --> 00:01:38,840 Speaker 1: two hundred sixty five. Nasday futures down two hundred and eleven. 27 00:01:38,880 --> 00:01:41,960 Speaker 1: The ten year treasury up thirteen thirty seconds, the Yale 28 00:01:41,959 --> 00:01:44,039 Speaker 1: two point eight zero percent, and they yield on the 29 00:01:44,080 --> 00:01:47,360 Speaker 1: two year two point five seven percent. NIMEX Screwede oil 30 00:01:47,400 --> 00:01:49,360 Speaker 1: is down a third or thirty nine cents at a 31 00:01:49,400 --> 00:01:52,560 Speaker 1: hundred nine dollars ninety cents of barrel and Bitcoin this 32 00:01:52,760 --> 00:01:56,320 Speaker 1: morning is little change at twenty nine thousand, three hundred dollars, 33 00:01:56,400 --> 00:01:59,720 Speaker 1: John Karen. The decline in futures follows yesterday's rally to 34 00:01:59,760 --> 00:02:02,640 Speaker 1: start at the week, the down lead the gains advancing 35 00:02:02,640 --> 00:02:05,800 Speaker 1: two and it looks like we still haven't hit up bottom. 36 00:02:05,880 --> 00:02:08,480 Speaker 1: That's according to David Stubbs, the global head of Cross 37 00:02:08,520 --> 00:02:11,760 Speaker 1: as a Thematic Strategy at JP Morgan Private Bank Bank. 38 00:02:12,160 --> 00:02:14,640 Speaker 1: What the market has been fearing in the last couple 39 00:02:14,639 --> 00:02:17,800 Speaker 1: of weeks is that the growth la outlook maybe weakening, 40 00:02:17,800 --> 00:02:21,280 Speaker 1: and therefore earnings trends going forward may also start to weaken. 41 00:02:21,800 --> 00:02:24,480 Speaker 1: We'll see this this week. This riley can absolutely continue 42 00:02:24,520 --> 00:02:26,960 Speaker 1: from here because of where however, so old markets worth, 43 00:02:27,000 --> 00:02:29,440 Speaker 1: the data is is supportive, but that doesn't mean that 44 00:02:29,480 --> 00:02:31,960 Speaker 1: we've met We've reached an important bottom in the markets now. 45 00:02:32,440 --> 00:02:35,520 Speaker 1: JP Morgan's David Stubbs says he needs to see easing 46 00:02:35,560 --> 00:02:38,919 Speaker 1: inflation and clarently about where interest rates will peak. That 47 00:02:39,120 --> 00:02:42,919 Speaker 1: he says, goods bottom to the stock market. Well John, 48 00:02:42,960 --> 00:02:46,680 Speaker 1: Today's market direction is being influenced by disappointing earnings from Snap, 49 00:02:46,680 --> 00:02:49,080 Speaker 1: and we get the details line from Bloomberg's Real Needy 50 00:02:49,160 --> 00:02:51,560 Speaker 1: Young good morning, Ready to good morning Karen. When markets 51 00:02:51,600 --> 00:02:54,920 Speaker 1: closed yesterday, Snap warned that it would miss second quarter 52 00:02:54,960 --> 00:02:59,440 Speaker 1: profit and revenue forecasts and needs to slow hiring. CEO 53 00:02:59,520 --> 00:03:03,079 Speaker 1: Evans b built sites the economic environment, and that sent 54 00:03:03,200 --> 00:03:06,560 Speaker 1: shares tumbling around thirty, which appears to be holding in 55 00:03:06,600 --> 00:03:09,600 Speaker 1: pre market trading. If that loss holds, it would be 56 00:03:09,639 --> 00:03:13,399 Speaker 1: Snap's biggest daily drop on record, making the company lose 57 00:03:13,520 --> 00:03:17,399 Speaker 1: some eleven billion dollars in market value. Snaps dragging down 58 00:03:17,400 --> 00:03:21,000 Speaker 1: other tech naumes In pre market trading, Twitter, Meta, Pinterest, 59 00:03:21,040 --> 00:03:24,079 Speaker 1: and Alphabet are all lower and they may collectively see 60 00:03:24,080 --> 00:03:27,920 Speaker 1: a one billion dollar wipeout. Live in New York, I'm 61 00:03:27,960 --> 00:03:30,520 Speaker 1: gonna need a young Bloomberg day break needed things. On 62 00:03:30,560 --> 00:03:33,760 Speaker 1: the flip side, shares of Zoom up almost six percent 63 00:03:33,840 --> 00:03:36,960 Speaker 1: in early trading. The company is signaling it can expand 64 00:03:37,000 --> 00:03:40,280 Speaker 1: beyond its consumer friendly video software that made it a 65 00:03:40,360 --> 00:03:44,120 Speaker 1: pandemic Darling Zoom projected sales and profit for the current quarter. 66 00:03:44,400 --> 00:03:47,320 Speaker 1: The topp to estimates well. Turning to the economy now, 67 00:03:47,400 --> 00:03:50,800 Speaker 1: John Kansas City Fed President Esther George expects the Central 68 00:03:50,800 --> 00:03:53,680 Speaker 1: Bank to raise interest rates to two percent by August. 69 00:03:53,960 --> 00:03:56,200 Speaker 1: After that, she says more tightening will be guided by 70 00:03:56,240 --> 00:03:59,280 Speaker 1: how fast inflation cools off. George has been known as 71 00:03:59,320 --> 00:04:01,680 Speaker 1: a longtime let's see how kum Or recently moved to 72 00:04:01,760 --> 00:04:05,640 Speaker 1: the center and monetary policy also a major focus in Europe. 73 00:04:05,720 --> 00:04:08,920 Speaker 1: This morning, a day after Christine Lagard said higher interest 74 00:04:09,000 --> 00:04:12,040 Speaker 1: rates are coming in July. The ECB presidents out down 75 00:04:12,080 --> 00:04:14,480 Speaker 1: for her first interview with the world the economic form 76 00:04:14,480 --> 00:04:18,440 Speaker 1: of Davos. She spoke with Bloomberg's Francine Lacroix. We are 77 00:04:18,560 --> 00:04:23,920 Speaker 1: the turning point. We have all the components in place 78 00:04:24,040 --> 00:04:27,680 Speaker 1: for that. We are turning our back to negative interest rates. 79 00:04:27,720 --> 00:04:32,680 Speaker 1: We are moving very likely into positive territory at the 80 00:04:32,800 --> 00:04:35,479 Speaker 1: end of the third quarter, and then of course we 81 00:04:35,600 --> 00:04:39,520 Speaker 1: will calibrate, we will stablish exactly by how much we 82 00:04:39,600 --> 00:04:42,840 Speaker 1: want to do that. Christy Lagard also rejecting the idea 83 00:04:42,880 --> 00:04:45,800 Speaker 1: that the euro Area is headed for recession. Stay tuned 84 00:04:45,839 --> 00:04:48,680 Speaker 1: for more of our conversation with the ECB president coming 85 00:04:48,760 --> 00:04:51,600 Speaker 1: up shortly, and we also invite you to join us 86 00:04:51,640 --> 00:04:54,720 Speaker 1: this morning when we continue our global coverage from Davos. 87 00:04:54,760 --> 00:04:58,000 Speaker 1: Were speaking live with the Bank of American CEO Brian moynihan, 88 00:04:58,200 --> 00:05:00,240 Speaker 1: and that conversation is coming up live at a levin 89 00:05:00,279 --> 00:05:03,320 Speaker 1: am Wall Street time on both Bloomberg Radio and television. 90 00:05:03,440 --> 00:05:06,039 Speaker 1: And turning to politics now, President Blyden wrapping up his 91 00:05:06,080 --> 00:05:08,839 Speaker 1: trip to Asia. He spoke earlier today at the opening 92 00:05:08,839 --> 00:05:11,320 Speaker 1: of the Leaders Someone in Tokyo and address the ongoing 93 00:05:11,320 --> 00:05:14,479 Speaker 1: war in Ukraine. Were navigating in a dark hour in 94 00:05:14,520 --> 00:05:19,400 Speaker 1: our shared history. The Russian brutal and unprovoked war against 95 00:05:19,480 --> 00:05:25,039 Speaker 1: Ukraine has triggered a humanitarian catastrophe and innocent civilians have 96 00:05:25,120 --> 00:05:29,320 Speaker 1: killed in the streets and millions of refugees are internally 97 00:05:29,360 --> 00:05:33,640 Speaker 1: displaced as well as exile. President Biden is urging Indo 98 00:05:33,720 --> 00:05:37,320 Speaker 1: Pacific leaders, including India's Norrender emoti to make a greater 99 00:05:37,400 --> 00:05:40,960 Speaker 1: effort to stop Vladimir Putin's aggression. Well John. The discussion 100 00:05:41,000 --> 00:05:43,400 Speaker 1: of tariffs on China has also been a focal point 101 00:05:43,400 --> 00:05:45,960 Speaker 1: at President Biden's trip to Asia. Biden says he will 102 00:05:46,000 --> 00:05:49,720 Speaker 1: review Trump era levies as consumer prices surge. They caught 103 00:05:49,800 --> 00:05:53,120 Speaker 1: up with Trade Representative Catherine Tye, who also awaited on 104 00:05:53,160 --> 00:05:56,120 Speaker 1: the matter with respect of the terrorists. Are approach, as 105 00:05:56,160 --> 00:06:01,640 Speaker 1: with everything in this relationship, is to be strategic. We 106 00:06:01,760 --> 00:06:03,880 Speaker 1: have to keep our eye on the ball in terms 107 00:06:03,880 --> 00:06:07,280 Speaker 1: of how to effectively realign the U S China trade 108 00:06:07,320 --> 00:06:11,039 Speaker 1: and economic relationship. Trade Representative Catherine Tye would not say 109 00:06:11,040 --> 00:06:14,080 Speaker 1: whether the administration would remove tarriffs on China or give 110 00:06:14,120 --> 00:06:16,880 Speaker 1: a time frame for making a decision. And back here 111 00:06:17,040 --> 00:06:19,880 Speaker 1: in the US today, marks another test of Donald Trump's 112 00:06:19,960 --> 00:06:24,120 Speaker 1: influence on Republican voters this primary season. Bloomberg's Joe Matthew 113 00:06:24,160 --> 00:06:27,520 Speaker 1: tells us all eyes are on voters in Georgia. Trump's 114 00:06:27,560 --> 00:06:31,200 Speaker 1: endorsement of former Senator David Purdue and the Republican gubernatorial 115 00:06:31,279 --> 00:06:34,120 Speaker 1: primary has failed to make a serious threat to Governor 116 00:06:34,160 --> 00:06:36,760 Speaker 1: Brian Kemp, who is currently leading Perdue by more than 117 00:06:36,760 --> 00:06:41,120 Speaker 1: twenty percentage points. The incumbent being supported by establishment Republicans, 118 00:06:41,160 --> 00:06:44,360 Speaker 1: including former Vice President Mike Pence. The outcome of this 119 00:06:44,480 --> 00:06:47,600 Speaker 1: race and another for Secretary of State is considered personal 120 00:06:47,720 --> 00:06:52,080 Speaker 1: for Trump after Georgia's Republican leaders did not overturn the election. 121 00:06:52,279 --> 00:06:54,960 Speaker 1: One bright spot for Trump has picked for Senate football 122 00:06:55,040 --> 00:06:59,200 Speaker 1: legend herschel Walker, widely expected to win his primary. Joe Matthew, Bloomberg, 123 00:06:59,279 --> 00:07:02,239 Speaker 1: Daybreak right, Joe, thank you, and futures are lower this morning. 124 00:07:02,360 --> 00:07:05,000 Speaker 1: S and P futures down forty eight points down, futures 125 00:07:05,000 --> 00:07:07,720 Speaker 1: down two hundred sixty seven and Nasdaq futures down two 126 00:07:07,800 --> 00:07:11,000 Speaker 1: hundred six. Ten year treasury up twelve thirty seconds. He 127 00:07:11,080 --> 00:07:13,800 Speaker 1: on two point eight zero percent. Straight to hand your 128 00:07:13,840 --> 00:07:17,480 Speaker 1: latest local headlines plus the check of sports and this 129 00:07:18,000 --> 00:07:24,760 Speaker 1: is Bloomberg, alright, Thanks Karen six of us on Wall 130 00:07:24,800 --> 00:07:27,040 Speaker 1: Street Sound to bring in Michael barn to find out 131 00:07:27,080 --> 00:07:29,560 Speaker 1: what else is going on in New York. Hands around 132 00:07:29,640 --> 00:07:32,080 Speaker 1: the world, John, thank you very much, sir. Mayor Eric 133 00:07:32,120 --> 00:07:34,880 Speaker 1: Adams says investigators have a fatal shooting on a New 134 00:07:34,960 --> 00:07:38,520 Speaker 1: York subway train a few leads. Police say forty eight 135 00:07:38,560 --> 00:07:42,480 Speaker 1: year old Daniel and Enriquez was killed without provocation. Adams 136 00:07:42,480 --> 00:07:46,080 Speaker 1: said that the shooting was unimaginable and the worst nightmare. 137 00:07:46,360 --> 00:07:48,720 Speaker 1: I have to make sure the city is safe and 138 00:07:48,760 --> 00:07:51,600 Speaker 1: I want that obligation. I thank god I'm the mayor 139 00:07:51,720 --> 00:07:55,640 Speaker 1: right now and not those that don't understand the urgency 140 00:07:55,680 --> 00:07:58,400 Speaker 1: of this moment. Mayor Adams says there were no police 141 00:07:58,400 --> 00:08:01,320 Speaker 1: officers on the train car where a shooting occurred. He 142 00:08:01,400 --> 00:08:04,480 Speaker 1: says the city will evaluate how it is deploying officers 143 00:08:04,480 --> 00:08:08,560 Speaker 1: across the sprawling subway system. The NYPD says there's a 144 00:08:08,600 --> 00:08:11,240 Speaker 1: second arrest and the deadly shooting of an eleven year 145 00:08:11,280 --> 00:08:13,880 Speaker 1: old girl last week in the Bronx. What He's say 146 00:08:13,920 --> 00:08:17,440 Speaker 1: and alleged accomplice, Eighteen year old Omar Bojang turned himself in. 147 00:08:17,960 --> 00:08:20,440 Speaker 1: He is accused of driving the scooter that a fifteen 148 00:08:20,480 --> 00:08:23,000 Speaker 1: year old was allegedly riding on when he opened fire. 149 00:08:23,480 --> 00:08:26,400 Speaker 1: The intended target is believed to have been another team 150 00:08:26,480 --> 00:08:29,480 Speaker 1: who was not hit, but instead a bullet struck and 151 00:08:29,560 --> 00:08:33,880 Speaker 1: killed eleven year old Kirata. Bronx District Attorney Darcel Clark 152 00:08:33,960 --> 00:08:37,880 Speaker 1: spoke outside the girl's funeral, eleven year old, you know, 153 00:08:38,040 --> 00:08:41,400 Speaker 1: can't even be outside. You know, she's getting a fingernails 154 00:08:41,480 --> 00:08:45,800 Speaker 1: done and just you know, without knowing, bullets are flying 155 00:08:45,960 --> 00:08:49,400 Speaker 1: five o'clock in the afternoon, incomprehensible. But this is what 156 00:08:49,480 --> 00:08:52,199 Speaker 1: we've been dealing within the Bronx t A. NARSL. Clark. 157 00:08:52,600 --> 00:08:55,520 Speaker 1: Texas Governor Greg Abbott was at the US southern border, 158 00:08:55,559 --> 00:08:59,720 Speaker 1: where he praised the continuation of an immigration policy known 159 00:08:59,760 --> 00:09:03,680 Speaker 1: as Title forty two. The pandemic era policy allows officials 160 00:09:03,679 --> 00:09:06,680 Speaker 1: to turn away migrants at the border. President Biden tried 161 00:09:06,720 --> 00:09:10,240 Speaker 1: to have Title forty two lifted, but Governor Abbott praised 162 00:09:10,240 --> 00:09:12,880 Speaker 1: the federal judge's ruling that it must remain in place 163 00:09:12,920 --> 00:09:16,480 Speaker 1: for now. The Biden administration seems to be letting in people, 164 00:09:16,480 --> 00:09:19,160 Speaker 1: whether they're crossing through the port of entry or across 165 00:09:19,160 --> 00:09:21,800 Speaker 1: the river and there's been so many people allowed him 166 00:09:21,800 --> 00:09:24,680 Speaker 1: because of that. Governor Rabbit made his comments at the 167 00:09:24,679 --> 00:09:28,680 Speaker 1: Eagle Pass border crossing yesterday. Washington State health officials in 168 00:09:28,720 --> 00:09:32,119 Speaker 1: Seattle and King County say they are investigating a presumptive 169 00:09:32,160 --> 00:09:35,160 Speaker 1: case of monkey pots. The patient recently came back from 170 00:09:35,160 --> 00:09:38,400 Speaker 1: a country with confirmed cases of the disease. Global News 171 00:09:38,440 --> 00:09:41,640 Speaker 1: twenty four hours a day on air and on Bloomberg Quittake, 172 00:09:41,880 --> 00:09:44,880 Speaker 1: powered by more than twenty seven hundred journalists and analysts 173 00:09:44,960 --> 00:09:47,800 Speaker 1: more than one twenty countries. Him Michael Barr, and this 174 00:09:47,920 --> 00:09:55,280 Speaker 1: is Bloomberg, John, Michael, thank you. It's coming up at 175 00:09:55,280 --> 00:09:57,559 Speaker 1: sixteen of Wall Street. That is signed for the Bloomberg 176 00:09:57,600 --> 00:10:01,440 Speaker 1: Sports Update. Here's Scott Suttenberg. Good morning, John. The Yankees 177 00:10:01,480 --> 00:10:04,160 Speaker 1: fell to the Orioles six four, suffering their season high 178 00:10:04,280 --> 00:10:07,439 Speaker 1: third straight loss. Ramon Rias hit a tie breaking home 179 00:10:07,520 --> 00:10:09,400 Speaker 1: run in the sixth inning off of Garrett Cole, and 180 00:10:09,440 --> 00:10:12,439 Speaker 1: the O's overcame two Aaron Judge Homers to pull off 181 00:10:12,480 --> 00:10:15,240 Speaker 1: the upset. For Coal, he allowed five runs on seven 182 00:10:15,280 --> 00:10:18,360 Speaker 1: hits and eight innings, taking his first loss of the season. 183 00:10:18,440 --> 00:10:21,199 Speaker 1: There's manager Aaron Boone. A weird night tonight where Garrett 184 00:10:21,240 --> 00:10:24,040 Speaker 1: was really for the most part dominant, you know, except 185 00:10:24,040 --> 00:10:26,600 Speaker 1: that strain there for five to seven minutes in that 186 00:10:26,679 --> 00:10:29,880 Speaker 1: one inning. Meanwhile, Yankees third baseman Josh Donaldson has been 187 00:10:29,920 --> 00:10:32,920 Speaker 1: suspended one game by Major League Baseball after referring to 188 00:10:32,960 --> 00:10:37,640 Speaker 1: White Sox shortstop Tim Anderson as Jackie, referencing Jackie Robinson. 189 00:10:37,800 --> 00:10:41,000 Speaker 1: Donaldson is appealing the suspension, saying the reference stems from 190 00:10:41,040 --> 00:10:44,720 Speaker 1: comments made by Anderson back in the interview when he 191 00:10:44,760 --> 00:10:48,800 Speaker 1: compared himself to Robinson. Donaldson was placed on the COVID 192 00:10:48,920 --> 00:10:52,520 Speaker 1: nineteen injury list yesterday prior to the game. The Mets 193 00:10:52,600 --> 00:10:55,000 Speaker 1: last night beat the Giants thirteen three. Pete Alonso hit 194 00:10:55,000 --> 00:10:57,400 Speaker 1: a three run homer. Jeff McNeil and Mark Canna also 195 00:10:57,440 --> 00:10:59,520 Speaker 1: went deep as the Mets one for the fifth time 196 00:10:59,520 --> 00:11:02,440 Speaker 1: in six schemes. David Peterson picked up the win, allowing 197 00:11:02,480 --> 00:11:05,440 Speaker 1: two runs in six innings. Tonight, the Rangers looked even 198 00:11:05,520 --> 00:11:07,640 Speaker 1: up their series with the Hurricanes at two games. A 199 00:11:07,720 --> 00:11:10,640 Speaker 1: piece puck drop from the garden at seven o'clock tennis 200 00:11:10,679 --> 00:11:13,200 Speaker 1: at the French Open. Several top players are out, including 201 00:11:13,200 --> 00:11:16,720 Speaker 1: defending women's champ Barbara Kretchikova, the women's number to see 202 00:11:16,800 --> 00:11:21,120 Speaker 1: losing to French teenager Diane Perry. Elsewhere, Naomi Osaka is 203 00:11:21,160 --> 00:11:24,480 Speaker 1: out losing to Amanda Anissimova. Osaka says she's not a 204 00:11:25,200 --> 00:11:29,600 Speaker 1: sure show compete at Wimbledon. I'm Scott Zedinberg with Bloomberg Sports. John, 205 00:11:29,880 --> 00:11:32,800 Speaker 1: Thanks on Scott and hand of the can showupen on 206 00:11:32,880 --> 00:11:35,080 Speaker 1: the Wall Street futures right now in the rad AMFPY 207 00:11:35,120 --> 00:11:39,040 Speaker 1: yesterday's rally down futures down two hundred thirty two points, 208 00:11:39,320 --> 00:11:42,000 Speaker 1: pairing some of the earlier losses down right now about 209 00:11:42,080 --> 00:11:45,079 Speaker 1: seven tenths of eight percent, and SMP futures forty four 210 00:11:45,120 --> 00:11:48,559 Speaker 1: points slower. That's down one point one percent, and the 211 00:11:48,760 --> 00:11:52,160 Speaker 1: tech heavy nasday futures right now two hundred and two 212 00:11:52,200 --> 00:11:55,640 Speaker 1: points lower, down one point seven percent. Among the most 213 00:11:55,679 --> 00:11:58,880 Speaker 1: actively traded shares, the most actively traded in the pre 214 00:11:59,080 --> 00:12:06,920 Speaker 1: markets of Snap. You're listening to Bloomberg tay Break and 215 00:12:07,160 --> 00:12:11,040 Speaker 1: just Ahead. Recession for Europe forget it Francine laquis Her 216 00:12:11,160 --> 00:12:15,600 Speaker 1: chat with Christine Legard Just Ahead. You're listening to Bloomberg 217 00:12:15,640 --> 00:12:25,120 Speaker 1: tay Break, Markets, headlines and breaking news twenty four hours 218 00:12:25,120 --> 00:12:28,319 Speaker 1: a day at Bloomberg dot Com. The Bloomberg Business Outland 219 00:12:28,400 --> 00:12:38,320 Speaker 1: at Bloomberg Quicktap. He's a Bloomberg business flash and I'm 220 00:12:38,400 --> 00:12:42,000 Speaker 1: Karen Moscow and futures are lower this morning. SMP futures 221 00:12:42,040 --> 00:12:45,040 Speaker 1: down forty three points down, features down to what six 222 00:12:45,160 --> 00:12:47,960 Speaker 1: nasdag features down two hundred and a ten year treasury 223 00:12:47,960 --> 00:12:51,160 Speaker 1: of eleven thirty seconds yield two point eight zero percent, 224 00:12:51,360 --> 00:12:54,000 Speaker 1: yield on the two year two point five eight percent. 225 00:12:54,640 --> 00:12:57,720 Speaker 1: It is six seventeen on Wall Street Time for our 226 00:12:57,800 --> 00:13:00,920 Speaker 1: daily crypto update, brought to you by in Geracted Brokers. 227 00:13:00,960 --> 00:13:03,240 Speaker 1: It charges margin loan rates from one point three three 228 00:13:03,280 --> 00:13:06,400 Speaker 1: percent to two point three three percent, rates subject to change. 229 00:13:06,480 --> 00:13:09,160 Speaker 1: Learn more at ib k R dot com slash compare 230 00:13:09,559 --> 00:13:12,000 Speaker 1: Now with the latest and crypto news. Here's Bloomberg's Ran 231 00:13:12,080 --> 00:13:14,360 Speaker 1: need a young Ran, need a good morning, Good morning Karen. 232 00:13:14,480 --> 00:13:17,840 Speaker 1: Right now, Bitcoin is trading just below thirty tho. It's 233 00:13:17,840 --> 00:13:20,240 Speaker 1: been hovering around this level since the collapse of the 234 00:13:20,360 --> 00:13:24,800 Speaker 1: Terra USD stable coin trigger to sell off in cryptocurrencies now. 235 00:13:24,840 --> 00:13:27,840 Speaker 1: Bitcoin has also been struggling in recent weeks as inflation 236 00:13:27,920 --> 00:13:31,120 Speaker 1: remains elevated, central banks going to rate hiking mode, and 237 00:13:31,160 --> 00:13:34,560 Speaker 1: regulators call for stricter oversight of cryptos following that Terry 238 00:13:34,640 --> 00:13:37,920 Speaker 1: USD stable collapse. Now, by the way, data from the 239 00:13:37,960 --> 00:13:41,520 Speaker 1: crypto industry tracker defy Lama show the fallout from the 240 00:13:41,640 --> 00:13:45,320 Speaker 1: terror USD and its sister token Luna has triggered an 241 00:13:45,320 --> 00:13:49,120 Speaker 1: eighty three billion dollars slump in the decentralized finance sector, 242 00:13:49,480 --> 00:13:52,960 Speaker 1: and Bloomberg Index of Digital coins is down about thirty 243 00:13:53,000 --> 00:13:56,760 Speaker 1: percent this month so far. Meantime, crypto minor bit Nile 244 00:13:56,920 --> 00:13:59,679 Speaker 1: is swinging between games and losses this morning, and it's 245 00:13:59,720 --> 00:14:03,200 Speaker 1: after reporting first quarter results after the bell yesterday with 246 00:14:03,320 --> 00:14:07,200 Speaker 1: revenue coming in higher than expected. That's your Bloomberg Crypto 247 00:14:07,320 --> 00:14:09,679 Speaker 1: Update live in New York. I'm gonna need a young 248 00:14:09,679 --> 00:14:12,280 Speaker 1: Bloomberg daybreak, Karen, I need to thank you. That's a 249 00:14:12,280 --> 00:14:15,240 Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on 250 00:14:15,400 --> 00:14:17,840 Speaker 1: what's going on around the world. Michael Darren, thank you, 251 00:14:17,880 --> 00:14:21,120 Speaker 1: President Joe Biden. As Warren fellow leaders of the informal 252 00:14:21,160 --> 00:14:25,080 Speaker 1: Indo Pacific Security Coalition known as the CLAUDE, they are 253 00:14:25,160 --> 00:14:27,920 Speaker 1: navigating through a dark hour in our shared history as 254 00:14:28,000 --> 00:14:31,800 Speaker 1: Russia continues of brutal war on Ukraine. Doctors in Washington 255 00:14:31,880 --> 00:14:35,600 Speaker 1: State are at the latest to announce the treating a 256 00:14:35,640 --> 00:14:38,440 Speaker 1: patient with a suspected case of monkey box, ringing the 257 00:14:38,480 --> 00:14:42,160 Speaker 1: number of states investigating cases to five NBA playoffs. The 258 00:14:42,200 --> 00:14:44,600 Speaker 1: Celtics beat the Heat to even the series of two 259 00:14:44,640 --> 00:14:48,040 Speaker 1: games apiece. Baseball, Yankees lost to the Orioles Mets be 260 00:14:48,160 --> 00:14:51,160 Speaker 1: the Giants, Nationals, and He's lost. Global News twenty four 261 00:14:51,160 --> 00:14:53,680 Speaker 1: hours a day on here and on Bloomberg quick Take, 262 00:14:53,880 --> 00:14:56,400 Speaker 1: powered by more than twenty seven hundred journalists analysts more 263 00:14:56,400 --> 00:14:59,479 Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg. 264 00:14:59,520 --> 00:15:02,160 Speaker 1: John Sex twenty on Wall Street Line for the Bloomberg 265 00:15:02,200 --> 00:15:06,200 Speaker 1: in Guranto Broker Studios. This is Bloomberg Daybreak. Christine Lagarance 266 00:15:06,320 --> 00:15:08,520 Speaker 1: is the European Central Bank won't be rise to into 267 00:15:08,560 --> 00:15:13,240 Speaker 1: withdrawing monetary stimulus as officials act to contain inflation. The 268 00:15:13,280 --> 00:15:16,640 Speaker 1: easyb president sat down for an interview with Bloomberg's Francy 269 00:15:16,760 --> 00:15:20,840 Speaker 1: Laqua the World Economic Forum in Daubles. The conversation comes 270 00:15:20,880 --> 00:15:23,200 Speaker 1: just the day after Lagrant said higher interest rates are 271 00:15:23,240 --> 00:15:25,920 Speaker 1: coming in July. Let's hear what she had to say 272 00:15:25,920 --> 00:15:28,760 Speaker 1: about that. Listen to the interview right now. I think 273 00:15:28,760 --> 00:15:31,480 Speaker 1: it was it was good to set out the terms 274 00:15:31,560 --> 00:15:34,280 Speaker 1: under which we are going to turn the corner of 275 00:15:34,320 --> 00:15:37,080 Speaker 1: negative interest rates. So was this more a message to 276 00:15:37,120 --> 00:15:39,880 Speaker 1: the markets or is it more to a message to 277 00:15:39,920 --> 00:15:42,400 Speaker 1: the members of the Governing Council. It was a message 278 00:15:42,400 --> 00:15:45,560 Speaker 1: to anybody who is interested in monetary policy, really, because 279 00:15:45,560 --> 00:15:49,680 Speaker 1: we have been going through eight years of negative interest rates, 280 00:15:50,080 --> 00:15:55,120 Speaker 1: special accommodation and we are clearly now at the turning point, 281 00:15:55,360 --> 00:15:58,160 Speaker 1: and I thought it was appropriate at this point to 282 00:15:58,280 --> 00:16:02,320 Speaker 1: explain what the journey is, what the direction of travel is, 283 00:16:02,600 --> 00:16:06,560 Speaker 1: what the destination is in the relatively short term, and 284 00:16:06,600 --> 00:16:09,920 Speaker 1: what is our aim point as well. If you're hiking, 285 00:16:09,960 --> 00:16:13,760 Speaker 1: you want to hike, why wait for July. We are 286 00:16:13,800 --> 00:16:17,760 Speaker 1: not in in a panic mode and we've started that 287 00:16:17,880 --> 00:16:21,400 Speaker 1: journey thinking about it very carefully back in December, with 288 00:16:21,520 --> 00:16:23,760 Speaker 1: steps along the way, and we are not at a 289 00:16:23,840 --> 00:16:27,080 Speaker 1: stage where there is every certainty that we will stop 290 00:16:27,160 --> 00:16:32,480 Speaker 1: NETA said purchases very early in in July, deciding so 291 00:16:32,600 --> 00:16:36,160 Speaker 1: in June, which will then clear the way for a 292 00:16:36,320 --> 00:16:40,560 Speaker 1: rate hikes that will come reasonably shortly after that. Is 293 00:16:40,600 --> 00:16:42,840 Speaker 1: there a danger that because of the timetable, which of 294 00:16:42,880 --> 00:16:44,480 Speaker 1: course you know, goes to the credibility of the d 295 00:16:44,520 --> 00:16:46,640 Speaker 1: c D, which is we do que first to re 296 00:16:46,840 --> 00:16:49,640 Speaker 1: unwind that and then going to interest rates, that you 297 00:16:49,680 --> 00:16:52,520 Speaker 1: miss a curve of inflation. I don't think so. I 298 00:16:52,560 --> 00:16:56,400 Speaker 1: think that's you know, anybody who's very careful about analyzing 299 00:16:56,560 --> 00:17:00,520 Speaker 1: really realizes that we are in a situation which is 300 00:17:00,600 --> 00:17:04,040 Speaker 1: vastly different from that of the United States, and we 301 00:17:04,160 --> 00:17:08,640 Speaker 1: are actually perfectly on time and not behind the curve. 302 00:17:09,000 --> 00:17:13,720 Speaker 1: I think there is also great value in being steady predictable. 303 00:17:13,960 --> 00:17:17,280 Speaker 1: And we said all along in our forward guidance that 304 00:17:17,320 --> 00:17:21,560 Speaker 1: we would stop quantitative easing in terms of net asset 305 00:17:21,600 --> 00:17:25,119 Speaker 1: purchases because we will continue reinvesting as as we go, 306 00:17:25,880 --> 00:17:28,320 Speaker 1: and that then we look at at the interest rate, 307 00:17:28,560 --> 00:17:31,560 Speaker 1: which will be the main tool further on. And then 308 00:17:31,920 --> 00:17:34,480 Speaker 1: how difficult is it to actually give so much forward guidance, 309 00:17:34,520 --> 00:17:37,080 Speaker 1: I guess as a message also to markets when you 310 00:17:37,119 --> 00:17:39,040 Speaker 1: don't really know how Russia reacts. We could have a 311 00:17:39,080 --> 00:17:41,520 Speaker 1: gas embargo, we could have an oil embargo that would 312 00:17:41,520 --> 00:17:44,320 Speaker 1: really make the inflation ra issue out. You know, our 313 00:17:44,320 --> 00:17:50,520 Speaker 1: mission is to um guarantee procure reinforced price stability defined 314 00:17:50,680 --> 00:17:54,920 Speaker 1: as the two percent inflation. So we might be regarded 315 00:17:54,960 --> 00:17:57,320 Speaker 1: as a bit stubborn in that respect, but that's the 316 00:17:57,400 --> 00:17:59,439 Speaker 1: job we have to do. But of course we are 317 00:17:59,520 --> 00:18:02,639 Speaker 1: data and we look at developments, we look at what 318 00:18:02,760 --> 00:18:06,560 Speaker 1: it's going to influence inflation and inflation expectations. So we 319 00:18:06,800 --> 00:18:10,440 Speaker 1: look very carefully at wages. At the moment wage negotiations, 320 00:18:10,720 --> 00:18:14,639 Speaker 1: we're looking very carefully at all inflation expectations, and we 321 00:18:14,720 --> 00:18:18,359 Speaker 1: believe that it is time to act as indicated, under 322 00:18:18,359 --> 00:18:21,440 Speaker 1: what circumstances do you think a fifty basis point hike 323 00:18:21,720 --> 00:18:26,800 Speaker 1: would be warranted? Look what I said is we are 324 00:18:26,840 --> 00:18:31,879 Speaker 1: at the turning point. We have all the components in 325 00:18:31,960 --> 00:18:35,400 Speaker 1: place for that. We are turning our back to negative 326 00:18:35,400 --> 00:18:40,760 Speaker 1: interest rates. We are moving very likely into positive territory 327 00:18:40,840 --> 00:18:43,199 Speaker 1: at the end of the third quarter, and then of 328 00:18:43,240 --> 00:18:47,520 Speaker 1: course we will calibrate, we will stablish exactly by how 329 00:18:47,600 --> 00:18:50,240 Speaker 1: much we want to do that. When you talk about, 330 00:18:50,400 --> 00:18:52,800 Speaker 1: of course no longer negative rates, has a market quite 331 00:18:52,840 --> 00:18:56,800 Speaker 1: understood that this could mean also positive rates. Well, you know, 332 00:18:56,840 --> 00:18:59,560 Speaker 1: when you are out of negative, you can be at zero, 333 00:18:59,680 --> 00:19:02,359 Speaker 1: you can be slightly above zero. This is something that 334 00:19:02,440 --> 00:19:06,479 Speaker 1: we will determine on the basis of our projections, on 335 00:19:06,520 --> 00:19:09,840 Speaker 1: the basis of our forward guidance. I think that there 336 00:19:09,880 --> 00:19:12,760 Speaker 1: are good reasons to believe that all three conditions will 337 00:19:12,800 --> 00:19:16,919 Speaker 1: be satisfied in June and further on during the summer. 338 00:19:17,560 --> 00:19:19,600 Speaker 1: Where are we in the third quarter? Could we be 339 00:19:19,760 --> 00:19:21,680 Speaker 1: you know, above zero in terms of interest rates? Is 340 00:19:21,720 --> 00:19:24,600 Speaker 1: that kind of listen lectures, is what I'm saying. I 341 00:19:24,680 --> 00:19:28,160 Speaker 1: stick to. We will be out of negative interest rates 342 00:19:28,480 --> 00:19:31,600 Speaker 1: most likely before the end of the third quarter. And 343 00:19:31,640 --> 00:19:34,520 Speaker 1: that was easyb President Christie in the garden speaking with 344 00:19:34,520 --> 00:19:38,440 Speaker 1: Bloomberg's Francine Laquen from the World Economic Forum. Yet down 345 00:19:38,440 --> 00:19:42,240 Speaker 1: those Switzerland. Catch more the interview online at Bloomberg dot 346 00:19:42,320 --> 00:19:45,480 Speaker 1: com and ahead of the can show down on Wall Street. 347 00:19:45,840 --> 00:19:49,120 Speaker 1: Futures are lower than our futures after yesterday's rally two 348 00:19:49,200 --> 00:19:52,800 Speaker 1: hundred sixteen points lower, SMP futures down forty two and 349 00:19:52,840 --> 00:19:57,280 Speaker 1: the nansday futures one ninety eight points lower. Seeing some 350 00:19:57,359 --> 00:20:01,080 Speaker 1: strengthen the euro euro dollar one oh seven. Team. You're 351 00:20:01,119 --> 00:20:09,520 Speaker 1: listening to Bloomberg Daybreak. Bloomberg Weather from meteorologist Rob Carolin. 352 00:20:09,960 --> 00:20:13,480 Speaker 1: Mostly cloudy, passing shower, sprinkledle possible this morning. The high 353 00:20:13,520 --> 00:20:17,480 Speaker 1: temperature about seven degrees so I mostly cloudy. Blows in 354 00:20:17,520 --> 00:20:25,399 Speaker 1: the mid fifties, broadcasting live from the Bloomberg Interactive Broker 355 00:20:25,520 --> 00:20:28,920 Speaker 1: Studio in New York. Bloomberg E living three on to Washington, 356 00:20:29,000 --> 00:20:32,880 Speaker 1: d C, Bloomberg on to Boston, Bloomberg one O six 357 00:20:32,920 --> 00:20:36,119 Speaker 1: one to San Francisco, Bloomberg nine sixteen to the country 358 00:20:36,240 --> 00:20:39,240 Speaker 1: Sirius XM che A one nineteen and around the globe 359 00:20:39,320 --> 00:20:43,000 Speaker 1: the Bloomberg Business app and Bloomberg Radio dot com. This 360 00:20:43,240 --> 00:20:51,560 Speaker 1: is Bloomberg Daybreak. He has six thirty on Wall Street. 361 00:20:51,600 --> 00:20:54,320 Speaker 1: Good morning, I'm John Tucker and I'm Karen Moscow. We 362 00:20:54,359 --> 00:20:56,800 Speaker 1: are just about three hours away from the open of 363 00:20:56,920 --> 00:20:59,000 Speaker 1: US trading. Time for the five things you need to 364 00:20:59,040 --> 00:21:01,159 Speaker 1: notice start your day. Brought to you by i b 365 00:21:01,359 --> 00:21:05,440 Speaker 1: KR Investment Advisors switched to Interactive Brokers for lowest cost 366 00:21:05,520 --> 00:21:09,399 Speaker 1: global trading and turnkey custody solutions, no ticket charges and 367 00:21:09,480 --> 00:21:12,479 Speaker 1: no conflicts of your interests at IBKR dot com slash 368 00:21:12,680 --> 00:21:16,920 Speaker 1: r i A first Futures are declining following yesterday's rally 369 00:21:16,960 --> 00:21:20,280 Speaker 1: to start the trading week. CEO of Goldman Sax International, 370 00:21:20,400 --> 00:21:23,960 Speaker 1: Richard Nod says he expects swings and markets to continue 371 00:21:24,320 --> 00:21:27,960 Speaker 1: as the FED attempts as off landing everybody wants to 372 00:21:27,960 --> 00:21:30,160 Speaker 1: talk about procession. Yes, So there's a lot of data 373 00:21:30,200 --> 00:21:32,400 Speaker 1: coming out and if you just think what we've come through, 374 00:21:32,600 --> 00:21:34,840 Speaker 1: you know, the last two years, the pandemic, in the 375 00:21:34,920 --> 00:21:38,800 Speaker 1: massive interventions. How do we find a steady path forward. 376 00:21:39,280 --> 00:21:43,440 Speaker 1: It's not surprising this volatility bringing supplied them on into 377 00:21:43,520 --> 00:21:45,800 Speaker 1: balance again. This is going to be a tricky journey. 378 00:21:45,960 --> 00:21:49,320 Speaker 1: Goldman Sax International CEO Richard Knowledge spoke at the Bloomberg's 379 00:21:49,320 --> 00:21:52,640 Speaker 1: Francy Laca. Laca at the World Economic Forum in Davos. 380 00:21:52,720 --> 00:21:55,640 Speaker 1: Will speak live with Bank of America CEO Brian moynihan 381 00:21:55,680 --> 00:21:58,639 Speaker 1: and Davos later this morning. Tune into Bloomberg Radio and 382 00:21:58,680 --> 00:22:01,440 Speaker 1: Television at eleven am straight time to hear the full 383 00:22:01,440 --> 00:22:05,080 Speaker 1: interview and Karen. Today's market ranction being influenced by disappointing 384 00:22:05,080 --> 00:22:08,919 Speaker 1: earnings from Snap. Bloomberg's Nita Young joins us live with details. 385 00:22:08,960 --> 00:22:11,200 Speaker 1: We need a good morning, Good morning John. When markets 386 00:22:11,200 --> 00:22:14,320 Speaker 1: closed yesterday, Snap warned that it would miss second quarter 387 00:22:14,400 --> 00:22:18,640 Speaker 1: profit and revenue forecasts and needs to slow hiring. CEO 388 00:22:18,720 --> 00:22:22,720 Speaker 1: Evan Spiegel cites the economic environment and that sent shares 389 00:22:22,760 --> 00:22:25,280 Speaker 1: tumbling around thirty, which appears to be holding in pre 390 00:22:25,400 --> 00:22:28,560 Speaker 1: market trading. If that loss holds, it would be Snap's 391 00:22:28,600 --> 00:22:31,919 Speaker 1: biggest daily drop on record, making the company lose some 392 00:22:32,080 --> 00:22:35,840 Speaker 1: eleven billion dollars in market value. Snaps dragging down other 393 00:22:35,880 --> 00:22:39,040 Speaker 1: tech names in pre market trading, Twitter, Meta, Pinterest, and 394 00:22:39,119 --> 00:22:42,560 Speaker 1: Alphabet all lower. Live in New York, I'm goned a 395 00:22:42,600 --> 00:22:45,040 Speaker 1: young Bloomberg day break. All right, Granita, thank you. Turning 396 00:22:45,040 --> 00:22:48,600 Speaker 1: to monetary policy, Kansas City Fed President Esther George expects 397 00:22:48,600 --> 00:22:51,000 Speaker 1: the Federal Reserve to raise interest rates to two per 398 00:22:51,080 --> 00:22:54,040 Speaker 1: sent by August. She says tightening afterwards will be guided 399 00:22:54,080 --> 00:22:57,800 Speaker 1: by how fast inflation cools off. And Overseas, Prinsident Biden 400 00:22:57,840 --> 00:23:00,560 Speaker 1: wrapping up his trip to Asia, the press an urging 401 00:23:00,560 --> 00:23:03,639 Speaker 1: fellow Indo Pacific leaders to make a greater effort to 402 00:23:03,640 --> 00:23:07,320 Speaker 1: stop Vladimir Putin's aggression in Ukraine. And back at home, John, 403 00:23:07,359 --> 00:23:12,320 Speaker 1: there are key primary elections today in Georgia, Texas, Alabama, Minnesota, 404 00:23:12,440 --> 00:23:15,080 Speaker 1: and Arkansas. And that's the five things you need to 405 00:23:15,080 --> 00:23:18,120 Speaker 1: know to start your day. Brought to you by Interactive Brokers. 406 00:23:18,480 --> 00:23:21,000 Speaker 1: S ANDP. Futures down forty one point this morning. Down, 407 00:23:21,000 --> 00:23:25,160 Speaker 1: futures down two hundred seven NASDAG futures down one ninety two. 408 00:23:25,160 --> 00:23:27,919 Speaker 1: That is off the lows of the morning and straight 409 00:23:27,920 --> 00:23:31,600 Speaker 1: ahead your latest local headlines plus a check of sports. 410 00:23:32,040 --> 00:23:40,879 Speaker 1: And this is Bloomberg. Thanks Karen sixty three Wall Street. 411 00:23:41,200 --> 00:23:42,920 Speaker 1: It's time to bring in Michael Barr and it tell 412 00:23:43,040 --> 00:23:44,879 Speaker 1: us what else is going on in New York and 413 00:23:45,400 --> 00:23:48,320 Speaker 1: around the world. Bag very much, John. Police continue to 414 00:23:48,359 --> 00:23:50,800 Speaker 1: search for the gunmen in Sunday's fatal shooting on a 415 00:23:50,880 --> 00:23:54,359 Speaker 1: New York subway train. Mayor Eric Adams says there were 416 00:23:54,359 --> 00:23:57,280 Speaker 1: no police officers on the train car where the shooting occurred. 417 00:23:57,800 --> 00:24:01,320 Speaker 1: He says the city will evaluate howid deploying officers across 418 00:24:01,359 --> 00:24:04,159 Speaker 1: the subway system. Police. A forty eight year old Daniel 419 00:24:04,240 --> 00:24:08,400 Speaker 1: Enriquez of Brooklyn, was killed without provocation. The Biden administration 420 00:24:08,440 --> 00:24:12,280 Speaker 1: continues to clean up the president's comments about Taiwan and China, 421 00:24:12,600 --> 00:24:15,840 Speaker 1: Bloomberg said Baxter as the story Biden's response in the 422 00:24:15,840 --> 00:24:19,119 Speaker 1: Affirmative to the question about whether the US would militarily 423 00:24:19,160 --> 00:24:22,960 Speaker 1: step in of China invaded Taiwan is being interpreted in 424 00:24:23,040 --> 00:24:27,320 Speaker 1: some circles as misspeak and in others a deliberate move 425 00:24:27,400 --> 00:24:30,479 Speaker 1: to try to see how China would react. Well. Defense 426 00:24:30,520 --> 00:24:34,240 Speaker 1: Secretary Lloyd Austin says, in any case, nothing has changed. 427 00:24:34,320 --> 00:24:38,880 Speaker 1: As the President said, our one one China policy has 428 00:24:38,880 --> 00:24:41,960 Speaker 1: not changed, and Austin says the US is and always 429 00:24:41,960 --> 00:24:46,199 Speaker 1: has been working towards stability in the region. In San Francisco, 430 00:24:46,240 --> 00:24:50,080 Speaker 1: I'm at Baxter Bloomberg Radio, Texas Republican Governor Greg Abbott 431 00:24:50,080 --> 00:24:53,280 Speaker 1: is praising a federal judges ruling late Friday that keeps 432 00:24:53,280 --> 00:24:56,840 Speaker 1: the COVID era immigration ordered Title forty two in place 433 00:24:56,920 --> 00:24:59,680 Speaker 1: for now. Govern a rabbit tour at an area beneath 434 00:24:59,760 --> 00:25:03,679 Speaker 1: the will Pass International border crossing in southwest Texas. He 435 00:25:03,760 --> 00:25:06,879 Speaker 1: accused the Biden administration of not doing enough to stem 436 00:25:06,920 --> 00:25:09,920 Speaker 1: the flow of illegal crossings at the border. We don't 437 00:25:09,920 --> 00:25:14,880 Speaker 1: want communities like Eagle Pass to the overrun with large 438 00:25:14,960 --> 00:25:17,040 Speaker 1: number of bigrounds who are milling around in the strees. 439 00:25:17,520 --> 00:25:21,159 Speaker 1: Critics of Governor Abbots say Title forty two uses COVID 440 00:25:21,520 --> 00:25:25,760 Speaker 1: as an excuse the block refugees and asylum seekers. Doctors 441 00:25:25,760 --> 00:25:28,600 Speaker 1: in Washington State are the latest to announce they're treating 442 00:25:28,600 --> 00:25:31,960 Speaker 1: a patient with a suspected case of monkey pots, bringing 443 00:25:32,000 --> 00:25:35,959 Speaker 1: the number of states investigating cases to five. Dr Jennifer 444 00:25:36,040 --> 00:25:39,040 Speaker 1: mcquisten is with the CDC. People can become infected with 445 00:25:39,080 --> 00:25:42,479 Speaker 1: monkey pots through close sustained skin to skin contact with 446 00:25:42,520 --> 00:25:46,480 Speaker 1: someone who has an active rash, or through respiratory droplets 447 00:25:46,480 --> 00:25:48,960 Speaker 1: in someone who has lesions in their mouths and they're 448 00:25:49,000 --> 00:25:51,920 Speaker 1: around another person for an extended period of time. Dr 449 00:25:52,000 --> 00:25:55,119 Speaker 1: McQuiston says most patients with monkey pox will recover on 450 00:25:55,160 --> 00:25:58,000 Speaker 1: their own within two to four weeks. Another shipment of 451 00:25:58,119 --> 00:26:01,720 Speaker 1: baby formulas scheduled to a run than Washington tomorrow. The 452 00:26:01,760 --> 00:26:03,760 Speaker 1: head of the U s d A says the formula 453 00:26:03,840 --> 00:26:07,000 Speaker 1: shortage crisis could ease in the next thirty days. Global 454 00:26:07,040 --> 00:26:09,600 Speaker 1: News twenty four hours a day on air and on 455 00:26:09,640 --> 00:26:13,480 Speaker 1: Bloomberg Quickdache, powered by more than seven hundred journalists and 456 00:26:13,480 --> 00:26:17,919 Speaker 1: analysts more than twenty countries. Michael barn this is Bloomberg, John, Michael, 457 00:26:17,920 --> 00:26:20,200 Speaker 1: thank you. He is coming down on six thirties six 458 00:26:20,280 --> 00:26:23,280 Speaker 1: on Long Street Time down for the Bloomberg Sports update. 459 00:26:23,960 --> 00:26:27,520 Speaker 1: Here's Scott Sidenberg. Thanks John Garrett Cole allowed five runs 460 00:26:27,560 --> 00:26:30,400 Speaker 1: on seven hits in eight innings as the Yankees fell 461 00:26:30,480 --> 00:26:33,400 Speaker 1: to the Orioles six four, suffering their season high third 462 00:26:33,680 --> 00:26:38,360 Speaker 1: straight loss. Aaron Judge homer twice in defeat. Before the game, 463 00:26:38,440 --> 00:26:41,879 Speaker 1: Yankees third baseman Josh Donaldson was suspended one game by 464 00:26:41,920 --> 00:26:44,920 Speaker 1: Major League Baseball after referring to White Sox shortstop Tim 465 00:26:44,960 --> 00:26:50,520 Speaker 1: Anderson is Jackie, referencing Jackie Robinson. Donaldson is appealing the suspension, 466 00:26:50,640 --> 00:26:53,480 Speaker 1: saying that the reference stems from comments made by Anderson 467 00:26:53,520 --> 00:26:57,160 Speaker 1: back in a twenty nineteen interview where he compared himself 468 00:26:57,440 --> 00:27:01,040 Speaker 1: to Jackie Robinson. Thoaldson was played on the COVID nineteen 469 00:27:01,080 --> 00:27:05,560 Speaker 1: injury list yesterday prior to the lost against the Orioles. Elsewhere, 470 00:27:05,600 --> 00:27:07,359 Speaker 1: the Mets with a big night in the Bay Area, 471 00:27:07,760 --> 00:27:10,080 Speaker 1: Cantas over for three tonight, and he launches one of 472 00:27:10,080 --> 00:27:12,439 Speaker 1: the deep left center headed back to o the wall. 473 00:27:13,560 --> 00:27:17,200 Speaker 1: It's out of hair. Cada makes it back to back 474 00:27:17,240 --> 00:27:21,080 Speaker 1: home runs McNeil and now Cattle. It has fourth of 475 00:27:21,119 --> 00:27:23,400 Speaker 1: the year and it's nine to two. New York call 476 00:27:23,480 --> 00:27:26,320 Speaker 1: on s n Y. Peter Alonso homered as well as 477 00:27:26,320 --> 00:27:30,040 Speaker 1: the Mets route the Giants thirteen three hockey Tonight, the 478 00:27:30,119 --> 00:27:32,760 Speaker 1: Rangers looked even up their series at two games apiece 479 00:27:32,800 --> 00:27:35,840 Speaker 1: against the Hurricanes. The Oilers take on the Flames in 480 00:27:35,920 --> 00:27:38,479 Speaker 1: Game five. They lead two games to one. Tennis at 481 00:27:38,480 --> 00:27:41,240 Speaker 1: the French Open, Several top players are out, including defending 482 00:27:41,240 --> 00:27:44,800 Speaker 1: women's champ Barbara Kretchikova, the women's number to see, losing 483 00:27:44,840 --> 00:27:49,040 Speaker 1: to French teenager Diane Perry. Elsewhere, Naomi Osaka is out, 484 00:27:49,080 --> 00:27:53,120 Speaker 1: losing to Amanda Anissamova. Osaka says she's not a sure 485 00:27:53,119 --> 00:27:57,240 Speaker 1: show compete at Wimbledon. I'm Scott Edinburg with Bloomberg Sports. 486 00:27:57,320 --> 00:28:01,320 Speaker 1: John Scott, thanks very much. It is now sixty seven 487 00:28:01,640 --> 00:28:03,439 Speaker 1: Wall Street time to take a look at stocks and 488 00:28:03,520 --> 00:28:05,119 Speaker 1: some of the names that are moving in the premarket. 489 00:28:05,200 --> 00:28:09,359 Speaker 1: For that, we're joined by Bloomberg Radio and TV Markets corresponding, 490 00:28:09,520 --> 00:28:12,080 Speaker 1: Pretty Gupta. I had to get somebody to explain what 491 00:28:12,240 --> 00:28:16,840 Speaker 1: snap snapchat does. Um let me. I'm embarrassed that you 492 00:28:16,840 --> 00:28:18,760 Speaker 1: don't know what snapchat does. It's okay, I was born, 493 00:28:19,080 --> 00:28:21,800 Speaker 1: you know, a long time ago snap But even even 494 00:28:21,840 --> 00:28:24,560 Speaker 1: for for the youth, I feel like Snapchat is fairly 495 00:28:24,640 --> 00:28:28,920 Speaker 1: recent relatively speaking. You're casting yourself as a representative for 496 00:28:29,000 --> 00:28:31,080 Speaker 1: the youth of America. I mean everyone else does. They 497 00:28:31,119 --> 00:28:34,000 Speaker 1: might as well hop on board. Let's talk with a 498 00:28:34,040 --> 00:28:36,480 Speaker 1: snapchat do. Snapchat is a social media company. They are 499 00:28:36,520 --> 00:28:40,400 Speaker 1: also known for their location services, it really becomes a 500 00:28:40,440 --> 00:28:43,680 Speaker 1: story similar to that one you have of uh Facebook 501 00:28:43,680 --> 00:28:46,960 Speaker 1: now known as meta Twitter, Pinchust. Essentially, all of their 502 00:28:47,000 --> 00:28:49,040 Speaker 1: revenue comes from ad revenue, and a lot of what 503 00:28:49,080 --> 00:28:52,480 Speaker 1: Snapchat has done is they've created their location services to 504 00:28:52,600 --> 00:28:56,120 Speaker 1: kind of advertise events going um around kind of where 505 00:28:56,120 --> 00:28:58,400 Speaker 1: you are. You can find your friends, you can send 506 00:28:58,680 --> 00:29:02,400 Speaker 1: um well snaps of yourself to your friends. But the 507 00:29:02,440 --> 00:29:05,240 Speaker 1: point is basically becomes an ad revenue story. And this 508 00:29:05,280 --> 00:29:08,320 Speaker 1: morning that story is not looking well. Snapchat shares s 509 00:29:08,440 --> 00:29:11,760 Speaker 1: n a P down thirty percent in the pre market. 510 00:29:11,760 --> 00:29:14,840 Speaker 1: This comes after they cut their revenue and profit forecast 511 00:29:14,960 --> 00:29:17,960 Speaker 1: beneath the low end of its previous guidance. This is 512 00:29:17,960 --> 00:29:20,640 Speaker 1: a big deal because they say they're concerned about the 513 00:29:20,680 --> 00:29:25,080 Speaker 1: macroeconomic UH situation in the macro economic backdrop that we're at, 514 00:29:25,160 --> 00:29:29,520 Speaker 1: and everyone says that stuff. But he has a point. 515 00:29:29,640 --> 00:29:32,440 Speaker 1: He has a point in mercury and venus. You know 516 00:29:32,800 --> 00:29:35,440 Speaker 1: what he It sounds like a very vague thing to say, 517 00:29:35,480 --> 00:29:37,640 Speaker 1: I'll give you that, but it's that he has a 518 00:29:37,640 --> 00:29:39,800 Speaker 1: point in that if a lot of these social media 519 00:29:39,840 --> 00:29:42,960 Speaker 1: companies are based on ad spend, and you have a 520 00:29:43,000 --> 00:29:48,240 Speaker 1: sphere where the average consumer confidence is that decade lows uh, 521 00:29:48,240 --> 00:29:50,760 Speaker 1: and they are concerned about recession. Well, what is the 522 00:29:50,800 --> 00:29:53,320 Speaker 1: point of marketing? What is the point of advertising if 523 00:29:53,320 --> 00:29:56,680 Speaker 1: your end consumer isn't going to buy? It? Is now 524 00:29:56,720 --> 00:29:59,640 Speaker 1: a bell weather for tech or I'm saying social media 525 00:29:59,680 --> 00:30:02,080 Speaker 1: broad ly is because advertising is at the end of 526 00:30:02,080 --> 00:30:05,280 Speaker 1: the day, very very subjective to the growth picture in 527 00:30:05,360 --> 00:30:07,320 Speaker 1: a booming Contex section my chart of the day, folks, 528 00:30:07,360 --> 00:30:09,600 Speaker 1: You guys should tune in later in radio because I 529 00:30:09,600 --> 00:30:11,920 Speaker 1: will explain this. But basically it is a bell weather 530 00:30:12,640 --> 00:30:16,920 Speaker 1: for ad spends um or for for economic growth broadly. 531 00:30:16,960 --> 00:30:18,920 Speaker 1: If you are spending more in advertising, it means you 532 00:30:19,000 --> 00:30:21,760 Speaker 1: have more to spend and you're expecting the consumer to 533 00:30:21,800 --> 00:30:24,040 Speaker 1: spend as well. Nevertheless, and it's not just Snapchat that 534 00:30:24,120 --> 00:30:27,480 Speaker 1: is down this morning, it's Facebook as well, FB also 535 00:30:27,480 --> 00:30:31,160 Speaker 1: now know as meta tacker still FB down, Twitter as well, 536 00:30:31,200 --> 00:30:33,280 Speaker 1: t W t R down three and a half percent, 537 00:30:33,480 --> 00:30:36,760 Speaker 1: and pinterest p I n S down twelve percent. John 538 00:30:37,520 --> 00:30:41,160 Speaker 1: Wells the pleasure, Thank you bringing the doomsday wherever wherever 539 00:30:41,200 --> 00:30:45,000 Speaker 1: I can. Okay, no, we appreciate it. Bloomberg Radio on 540 00:30:45,040 --> 00:30:48,840 Speaker 1: TV markets score pretty Goopta, thank you so much. And 541 00:30:48,960 --> 00:30:51,280 Speaker 1: looking at the broader market. Right now, we are setting 542 00:30:51,280 --> 00:30:54,800 Speaker 1: ourselves up for a lower open, at least for the 543 00:30:54,840 --> 00:30:58,680 Speaker 1: cash open. Down futures right now down two nine points. 544 00:30:59,040 --> 00:31:01,600 Speaker 1: That is a decline of seven tenths of a percent, 545 00:31:02,080 --> 00:31:05,600 Speaker 1: SMP futures, the EMNI futures forty three points lower, one 546 00:31:05,680 --> 00:31:09,160 Speaker 1: percent lower, and the nmesday futures right now down two 547 00:31:09,240 --> 00:31:13,719 Speaker 1: hundred points, down one point seven. We do uh tenure 548 00:31:13,840 --> 00:31:17,120 Speaker 1: yield right now to eight one, down three basis points. 549 00:31:17,160 --> 00:31:24,479 Speaker 1: This is Bloomberg Day Break. The Bloomberg weather from Rob Carolin. 550 00:31:24,600 --> 00:31:27,920 Speaker 1: Mostly cloudy day, passion shower sprinkle possible this morning. The 551 00:31:28,000 --> 00:31:31,920 Speaker 1: height temperature about seventy anti mostly quality lows in the 552 00:31:32,080 --> 00:31:40,120 Speaker 1: mid fifties. Markets headlines and breaking news twenty four hours 553 00:31:40,120 --> 00:31:43,320 Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Outland 554 00:31:43,440 --> 00:31:52,560 Speaker 1: at Bloomberg Quick Tape. This is a Bloomberg Business flash 555 00:31:53,160 --> 00:31:55,720 Speaker 1: and I'm fair in Moscow. Futures are lower this morning. 556 00:31:55,720 --> 00:31:57,480 Speaker 1: We get to the first word breaking news. Das for 557 00:31:57,520 --> 00:32:00,400 Speaker 1: today's morning call, and here's Bill Maloney. Bill, go morning, 558 00:32:01,560 --> 00:32:04,240 Speaker 1: Good morning, Karen. That's right. US futures are under pressure 559 00:32:04,280 --> 00:32:07,440 Speaker 1: right now, helped by the plunge in snap doubt futures 560 00:32:07,440 --> 00:32:09,960 Speaker 1: currently down two twenty three point says if you dropped 561 00:32:10,000 --> 00:32:13,680 Speaker 1: forty four, astic futures are lower by two seven. The 562 00:32:13,800 --> 00:32:16,360 Speaker 1: US ten year old at two point eight one percent, 563 00:32:16,520 --> 00:32:19,040 Speaker 1: Gold Oil and Big Cooin are all trading little change, 564 00:32:19,280 --> 00:32:22,160 Speaker 1: and Shanghai felt two point four percent overnight, where up 565 00:32:22,360 --> 00:32:25,200 Speaker 1: markets are also in the red this morning. Back in 566 00:32:25,240 --> 00:32:27,400 Speaker 1: the US on the economic front, at night, forty five 567 00:32:27,520 --> 00:32:29,600 Speaker 1: U s May p M S and at ten o'clock 568 00:32:29,640 --> 00:32:32,719 Speaker 1: New Home Sales and Richmond fed. After the LS night 569 00:32:32,800 --> 00:32:35,640 Speaker 1: Zoom Sales forecast beat US mits, but Snap did cut 570 00:32:35,640 --> 00:32:39,160 Speaker 1: its forecast shares it down thirty percent in the pre market. 571 00:32:39,440 --> 00:32:42,160 Speaker 1: Regarding earnings this morning, look for AutoZone and best Buy 572 00:32:42,200 --> 00:32:44,440 Speaker 1: to report in the pre market, and a deal news. 573 00:32:44,680 --> 00:32:46,760 Speaker 1: Dex Com is said to be in talks to choir 574 00:32:46,880 --> 00:32:50,240 Speaker 1: device firm Insulate Wrapping things up. Eaton was cut to 575 00:32:50,320 --> 00:32:53,760 Speaker 1: underweight over at Barclay's Live from the first to breaking 576 00:32:53,800 --> 00:32:56,520 Speaker 1: news ascomb Doll Malone account. All right, Bill, thank you 577 00:32:56,560 --> 00:32:59,160 Speaker 1: and your live breaking news over your Bloombery time, squawk 578 00:32:59,200 --> 00:33:01,680 Speaker 1: on your terminal s U A w K. That's a 579 00:33:01,680 --> 00:33:04,400 Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on 580 00:33:04,520 --> 00:33:07,080 Speaker 1: what's going on around the world, Michael Karen, thank you 581 00:33:07,200 --> 00:33:10,480 Speaker 1: very much. With mid term primaries well underway, voters had 582 00:33:10,480 --> 00:33:13,680 Speaker 1: to the polls in five states today and Georgia. Former 583 00:33:13,720 --> 00:33:16,600 Speaker 1: President Trump's hold on the Republican Party will be tested 584 00:33:16,600 --> 00:33:20,160 Speaker 1: in the governor's race, with Trump backing David Pudu, while 585 00:33:20,280 --> 00:33:23,080 Speaker 1: former Vice President Mike Pence sides with the other man 586 00:33:23,160 --> 00:33:27,560 Speaker 1: in the race, incumbent governor Brian Kemp. The United States 587 00:33:27,720 --> 00:33:32,320 Speaker 1: and Britain are accusing Russia of spreading disinformation online and 588 00:33:32,400 --> 00:33:35,760 Speaker 1: manipulating public opinion about the war in Ukraine. The two 589 00:33:35,760 --> 00:33:40,360 Speaker 1: countries vehemently rejecting Russia's claims that the West is aiming 590 00:33:40,400 --> 00:33:43,520 Speaker 1: to control all information flows and to find what is 591 00:33:43,600 --> 00:33:47,360 Speaker 1: true or untrue. In the NBA Playoffs, the Celtics beat 592 00:33:47,400 --> 00:33:49,000 Speaker 1: the Heat one or two eighty two to even the 593 00:33:49,000 --> 00:33:52,080 Speaker 1: series at two games apiece. In baseball, the Yankees lost 594 00:33:52,120 --> 00:33:54,720 Speaker 1: to the Oriole six four, The Mets beat the Giants 595 00:33:54,760 --> 00:33:59,040 Speaker 1: thirteen three. The Nationals and A's lost. Global News twenty 596 00:33:59,040 --> 00:34:02,120 Speaker 1: four hours a day on air and on Bloomberg quick Take, 597 00:34:02,400 --> 00:34:05,479 Speaker 1: powered by more than seven hundred journalists and analysts, more 598 00:34:05,480 --> 00:34:08,960 Speaker 1: than a hundred twenty countries. Michael bar this is Bloomberg Cameron. 599 00:34:09,400 --> 00:34:11,319 Speaker 1: All right, thank you, Michael Barb. But a six forty 600 00:34:11,400 --> 00:34:13,480 Speaker 1: nine on Wall Street. We turned to news and science 601 00:34:13,480 --> 00:34:15,840 Speaker 1: and technology now with the Bloomberg and j I T 602 00:34:16,040 --> 00:34:19,759 Speaker 1: STEM Report, brought to you by New Jersey Institute of Technology, 603 00:34:19,800 --> 00:34:23,040 Speaker 1: one of the nation's leading polytechnic universities and a top 604 00:34:23,080 --> 00:34:25,680 Speaker 1: military friendly school. Learn more at n j I T 605 00:34:25,880 --> 00:34:28,640 Speaker 1: DOT E d U slash Veterans now Here's les making 606 00:34:28,640 --> 00:34:32,919 Speaker 1: news and science, technology, engineering, and math. FISER says three 607 00:34:32,960 --> 00:34:36,200 Speaker 1: doses of its COVID nineteen vaccine offers strong protection for 608 00:34:36,360 --> 00:34:39,640 Speaker 1: children younger than five. Fiser plans to give the data 609 00:34:39,680 --> 00:34:42,239 Speaker 1: to US regulators later this week. In a step toward 610 00:34:42,280 --> 00:34:44,880 Speaker 1: letting the littlest kids get the shots, The Food and 611 00:34:44,920 --> 00:34:49,200 Speaker 1: Drug Administration has begun evaluating data from rival Maderna, which 612 00:34:49,200 --> 00:34:52,640 Speaker 1: hopes to begin offering two kids sized shots by summer. 613 00:34:53,160 --> 00:34:55,360 Speaker 1: The head of the u n's World Food Program is 614 00:34:55,360 --> 00:34:58,440 Speaker 1: telling billionaires it's time to step up as the global 615 00:34:58,480 --> 00:35:02,080 Speaker 1: threat of food insecurity rises with Russia's war in Ukraine. 616 00:35:02,480 --> 00:35:05,040 Speaker 1: Ukraine and Russia together export a third of the world's 617 00:35:05,040 --> 00:35:07,960 Speaker 1: wheat and barley and half of its sunflower oil, but 618 00:35:08,160 --> 00:35:11,560 Speaker 1: Russia is a top supplier of fertilizer that has searched 619 00:35:11,600 --> 00:35:14,640 Speaker 1: in price, and Walmart and partner Drone Up planned to 620 00:35:14,640 --> 00:35:17,680 Speaker 1: expand their drone delivery hubs to thirty four locations in 621 00:35:17,760 --> 00:35:21,120 Speaker 1: six states by year end. Walmart says deliveries will cost 622 00:35:21,160 --> 00:35:23,680 Speaker 1: three dollars ninety cents and orders can weigh up to 623 00:35:23,719 --> 00:35:26,680 Speaker 1: ten pounds. They expanded network has the potential to reach 624 00:35:26,760 --> 00:35:30,040 Speaker 1: four million US households and give Walmart the capacity to 625 00:35:30,120 --> 00:35:33,719 Speaker 1: deliver one million packages by air in a year. But 626 00:35:33,840 --> 00:35:36,880 Speaker 1: attaining those goals depends on changes to US rules that 627 00:35:36,920 --> 00:35:39,879 Speaker 1: now require flights to remain within a drone operator's line 628 00:35:39,880 --> 00:35:42,279 Speaker 1: of sight. And that's a Bloomberg and j a t 629 00:35:42,440 --> 00:35:45,200 Speaker 1: Stem report. John, all right, thanks Karen. We are live 630 00:35:45,239 --> 00:35:47,880 Speaker 1: from the Bloomberg in Jurand to Broker Studios where it 631 00:35:48,040 --> 00:35:50,600 Speaker 1: is now six fifty one on Wall Street. Time to 632 00:35:50,680 --> 00:35:53,359 Speaker 1: check what's going on in d C. Some of the 633 00:35:53,400 --> 00:35:56,880 Speaker 1: top stories in our nation's camp will include Georgia, Texas 634 00:35:56,880 --> 00:36:02,000 Speaker 1: incumbents at risk in primaries to watch today, President Biden's lightest, 635 00:36:01,880 --> 00:36:06,239 Speaker 1: the latest Taiwan gaff stokes tensions with Beijing, and the 636 00:36:06,320 --> 00:36:09,960 Speaker 1: Ukraine latest. The President says Vladimir Putin is trying to 637 00:36:10,320 --> 00:36:14,480 Speaker 1: erase Ukraine culture and also US consumers facing a summer 638 00:36:14,640 --> 00:36:19,000 Speaker 1: of power bill pain as heat and gas surge. Just 639 00:36:19,280 --> 00:36:22,520 Speaker 1: who owns these issues? Let's take a deeper deef deeeper 640 00:36:22,600 --> 00:36:25,040 Speaker 1: dive into some of these stories this morning with Joe 641 00:36:25,120 --> 00:36:29,000 Speaker 1: Matthew with the host Boomberg's sound on what is it? Pleasure? Joe, 642 00:36:29,040 --> 00:36:32,600 Speaker 1: thanks for being with us. All right, So we've got 643 00:36:32,600 --> 00:36:37,359 Speaker 1: Georgia on our mind. Yes, apologize to right, Charles Um. 644 00:36:37,480 --> 00:36:40,799 Speaker 1: What what's the what are the big races there? Well, 645 00:36:40,840 --> 00:36:43,040 Speaker 1: we've got three states voting today. Georgia is one of 646 00:36:43,040 --> 00:36:46,319 Speaker 1: the Arkansas, Alabama the others here. Uh, the big one 647 00:36:46,600 --> 00:36:49,720 Speaker 1: is Georgia, though, if only because it became the center 648 00:36:50,440 --> 00:36:53,239 Speaker 1: of Donald Trump's effort to overturn the election. Right, the 649 00:36:53,320 --> 00:36:56,520 Speaker 1: big race, as we were just hearing, the Republican primary 650 00:36:56,719 --> 00:36:59,800 Speaker 1: for governor may not end well for Trump. You know, 651 00:36:59,840 --> 00:37:02,319 Speaker 1: he has had some wins and some losses in the 652 00:37:02,360 --> 00:37:06,279 Speaker 1: cycle so far. This one just could be impossible to win. 653 00:37:06,360 --> 00:37:10,440 Speaker 1: Governor Brian Kemp, very popular in Georgia, is leading former 654 00:37:10,480 --> 00:37:13,400 Speaker 1: Senator David Purdue, who Trump hand picked for this to 655 00:37:13,680 --> 00:37:18,359 Speaker 1: unseat Brian Kemp. He's leading Purdue by about thirty points. John. 656 00:37:18,360 --> 00:37:19,960 Speaker 1: I mean, you just don't see a spread like that. 657 00:37:20,040 --> 00:37:23,960 Speaker 1: It's a commanding lead and likely not possible for Purdue 658 00:37:24,400 --> 00:37:28,160 Speaker 1: to overturn this. This, of course goes back to remember 659 00:37:28,160 --> 00:37:32,440 Speaker 1: Brian Kemp would not help Donald Trump overturned the election, 660 00:37:32,480 --> 00:37:35,520 Speaker 1: and that spills over to the race for secretary of state. 661 00:37:35,520 --> 00:37:38,560 Speaker 1: Can you imagine here we are on Bloomberg talking about 662 00:37:38,640 --> 00:37:41,560 Speaker 1: a secretary of state race in Georgia. But it's that 663 00:37:42,000 --> 00:37:46,040 Speaker 1: pivotal here because Trump is backing a congressman named Jody 664 00:37:46,160 --> 00:37:50,280 Speaker 1: heis to basically step down to to kind of demote 665 00:37:50,280 --> 00:37:53,640 Speaker 1: oneself to run for state office and try to beat 666 00:37:53,680 --> 00:37:57,280 Speaker 1: Brad Raffinsburger. You might remember that name, John, because Donald 667 00:37:57,280 --> 00:38:00,000 Speaker 1: Trump was caught on tape, remember calling him for help 668 00:38:00,040 --> 00:38:03,080 Speaker 1: been finding a few thousand extra votes in Georgia. These 669 00:38:03,160 --> 00:38:08,800 Speaker 1: are conservative, popular incumbents. They have got the good numbers 670 00:38:08,800 --> 00:38:11,920 Speaker 1: on the economy, on a number of issues here. Uh, 671 00:38:11,960 --> 00:38:15,239 Speaker 1: And it's really it has not helped Donald Trump to 672 00:38:15,239 --> 00:38:18,280 Speaker 1: go up against them here. Those both could be losses 673 00:38:18,320 --> 00:38:21,080 Speaker 1: for the Trump brand. Both of those incumbents could keep 674 00:38:21,160 --> 00:38:24,879 Speaker 1: their jobs tonight. Certainly the race for governor. We'll see 675 00:38:24,880 --> 00:38:26,640 Speaker 1: what happens with the Secretary of State, but those are 676 00:38:26,680 --> 00:38:28,960 Speaker 1: the two that will probably get the most national attention. 677 00:38:29,080 --> 00:38:32,239 Speaker 1: How much does this mirror divisions within the GOP and 678 00:38:32,320 --> 00:38:36,400 Speaker 1: how much of the at least the governor's race is 679 00:38:35,880 --> 00:38:39,480 Speaker 1: a Mike Pence story. It's a great question. This has 680 00:38:39,520 --> 00:38:42,000 Speaker 1: turned into a bit of a proxy battle between Donald 681 00:38:42,000 --> 00:38:44,760 Speaker 1: Trump and and if we can call them establishment Republicans. 682 00:38:44,760 --> 00:38:46,400 Speaker 1: I'm kind of running out of terms here for the 683 00:38:46,480 --> 00:38:49,880 Speaker 1: various fractures in these parties. But you're right, Mike Pence 684 00:38:49,920 --> 00:38:54,160 Speaker 1: actually came out of nowhere to campaign in person for 685 00:38:54,239 --> 00:38:56,960 Speaker 1: Brian Camp, leading many to wonder about what his greater 686 00:38:57,000 --> 00:39:00,440 Speaker 1: ambitions could be. But you've got basically the republic Can Party, 687 00:39:00,440 --> 00:39:04,799 Speaker 1: the Republican Governors Association backing Brian Kemp, the incumbent. They 688 00:39:04,800 --> 00:39:07,280 Speaker 1: don't want any part of this conversation with Donald Trump. 689 00:39:08,080 --> 00:39:13,200 Speaker 1: There's endless fodder for late night hosts and comedians. A 690 00:39:13,239 --> 00:39:16,560 Speaker 1: member of Congress, well you know where your love her? 691 00:39:16,640 --> 00:39:19,759 Speaker 1: Maybe a hater Marjorie Taylor Green. What's going on in 692 00:39:19,760 --> 00:39:25,600 Speaker 1: that run into serious opposition. We'll see if it runs 693 00:39:25,640 --> 00:39:28,520 Speaker 1: into a runoff. That's the question. Marjorie Taylor Green facing 694 00:39:28,560 --> 00:39:31,160 Speaker 1: five Republicans, all basically there to try to pull her 695 00:39:31,200 --> 00:39:33,760 Speaker 1: into a runoff. It's not likely any of them could 696 00:39:33,760 --> 00:39:38,200 Speaker 1: be her outright. Uh. There is the candidate doing the 697 00:39:38,280 --> 00:39:41,759 Speaker 1: best here, a healthcare executive named Jennifer Strahan who has 698 00:39:41,920 --> 00:39:45,720 Speaker 1: received donations from all over the spectrum here including Senator 699 00:39:46,040 --> 00:39:48,880 Speaker 1: Romney not a fan of Marjorie Taylor Green, and the 700 00:39:48,880 --> 00:39:52,319 Speaker 1: Republican Jewish Coalition. So stay tuned on that one. That 701 00:39:52,320 --> 00:39:54,719 Speaker 1: one's a little bit different. Uh. And we have a 702 00:39:54,760 --> 00:39:58,480 Speaker 1: couple of other incumbents across the spectrum. In Texas is 703 00:39:58,480 --> 00:40:01,560 Speaker 1: one that we'll be watching. And as I mentioned, Alabama 704 00:40:01,600 --> 00:40:03,920 Speaker 1: is going to have a good race. Arkansas brings Sarah 705 00:40:04,000 --> 00:40:07,759 Speaker 1: Huckabee Sanders. You might remember Donald Trump's press secretary. She's 706 00:40:07,760 --> 00:40:11,280 Speaker 1: expected to win the Republican primary for governor in Arkansas, 707 00:40:11,320 --> 00:40:14,560 Speaker 1: of course, the daughter of Mike Huckabee. Surprisingly, just because 708 00:40:14,600 --> 00:40:16,479 Speaker 1: of all the controversy in the air right now, John, 709 00:40:16,480 --> 00:40:19,000 Speaker 1: this one hasn't received as much of attention as it 710 00:40:19,040 --> 00:40:21,080 Speaker 1: normally would. But that's gonna be a national story to 711 00:40:21,080 --> 00:40:23,359 Speaker 1: watch too. I'm gonna pick your brain. We're gonna skip 712 00:40:23,400 --> 00:40:26,320 Speaker 1: ahead to Uh. I was thinking whether I should actually 713 00:40:26,360 --> 00:40:28,799 Speaker 1: include this in the rundown because it's not really a 714 00:40:28,800 --> 00:40:35,319 Speaker 1: political story but consumers facing a summer of power bill surge. Yeah, 715 00:40:35,320 --> 00:40:39,080 Speaker 1: it's an inflation story. And uh, who owns all this 716 00:40:39,400 --> 00:40:42,480 Speaker 1: as we look forward to the the mid term elections 717 00:40:42,520 --> 00:40:45,640 Speaker 1: come to Ober, I think the answer is probably the 718 00:40:45,640 --> 00:40:49,879 Speaker 1: Biden administration. Fair or not. This is just an extension 719 00:40:50,040 --> 00:40:52,960 Speaker 1: of the energy price story that we've been talking about 720 00:40:52,960 --> 00:40:56,279 Speaker 1: for months here, John. People think they plug that thing 721 00:40:56,320 --> 00:41:00,279 Speaker 1: into the wall and electricity magically comes out and keeps 722 00:41:00,360 --> 00:41:03,680 Speaker 1: the environment safe. That electricity has to come from somewhere, though, 723 00:41:03,680 --> 00:41:07,440 Speaker 1: when it typically comes from burning fossil fuels liquefied natural 724 00:41:07,480 --> 00:41:10,760 Speaker 1: gas and coal. Well, guess what those are both really 725 00:41:10,800 --> 00:41:13,520 Speaker 1: expensive right now, as you know. And I don't think 726 00:41:13,600 --> 00:41:16,239 Speaker 1: we have to tell our listeners on Bloomberg why at 727 00:41:16,280 --> 00:41:17,880 Speaker 1: this point it's been one of the biggest stories in 728 00:41:17,880 --> 00:41:20,640 Speaker 1: the world that that price inflation we're seeing an energy 729 00:41:20,680 --> 00:41:23,200 Speaker 1: is going to come through, uh, through your socket in 730 00:41:23,239 --> 00:41:26,120 Speaker 1: the wall, and my god, we're looking at great story 731 00:41:26,120 --> 00:41:28,920 Speaker 1: on the terminal today. Uh, John, that you point out here, 732 00:41:28,920 --> 00:41:32,759 Speaker 1: we're gonna be seeing bills up as much as in 733 00:41:32,800 --> 00:41:35,839 Speaker 1: parts of the country, particularly in the Western US, where 734 00:41:35,920 --> 00:41:38,120 Speaker 1: drought is going to be an issue, where extreme heat 735 00:41:38,160 --> 00:41:41,359 Speaker 1: will be an issue. This is gonna be walking right 736 00:41:41,440 --> 00:41:44,399 Speaker 1: up to the mid term election cycle, and these are 737 00:41:44,400 --> 00:41:47,520 Speaker 1: the stories that cause people to vote. All right, Chel 738 00:41:47,680 --> 00:41:50,719 Speaker 1: always a pleasure Joe Matthew host a Bloomberg sound on 739 00:41:50,880 --> 00:41:52,840 Speaker 1: the end. You could read more about these stories on 740 00:41:52,880 --> 00:41:56,239 Speaker 1: Bloomberg dot com or the Bloomberg term reminder. You can 741 00:41:56,239 --> 00:41:58,640 Speaker 1: follow all the latest on Bloomberg already on Washington. That's 742 00:41:58,640 --> 00:42:03,399 Speaker 1: Bloomberg at one oh five point seven FM HD two 743 00:42:04,120 --> 00:42:07,040 Speaker 1: at ahead of the cash open on Wallsbreed futures lower, 744 00:42:07,160 --> 00:42:09,960 Speaker 1: SMP futures right now down forty three points at the 745 00:42:09,960 --> 00:42:13,440 Speaker 1: decline of one percent, the Dow futures two hundred, twenty 746 00:42:13,480 --> 00:42:16,040 Speaker 1: two points lower, that's down seven tenths of a percent, 747 00:42:16,400 --> 00:42:19,319 Speaker 1: but ANENTIC futures down two hundred, that is a one 748 00:42:19,360 --> 00:42:22,480 Speaker 1: point seven percent lower for that index right now. The 749 00:42:22,520 --> 00:42:26,560 Speaker 1: Euro one oh seven O nine, and the tenure treasurer 750 00:42:26,560 --> 00:42:29,880 Speaker 1: in the US two point eight one percent, that is 751 00:42:29,920 --> 00:42:34,000 Speaker 1: down right now three basis points. And just ahead, we 752 00:42:34,120 --> 00:42:38,239 Speaker 1: are live from the World Economic Forum in Davos, Switzerland 753 00:42:38,719 --> 00:42:43,400 Speaker 1: with the Tom King at Lisa Bramwitz and Forkaren Moscow. 754 00:42:43,520 --> 00:42:46,760 Speaker 1: I'm John Tucker. You've been listening to Bloomberg Daybreak