Speaker 1: Live from the Bloomberg in Director Burger Studios. This is
Speaker 1: Bloomberg day Break, first Tuesday, March one. Coming up this hour,
Speaker 1: Russias steps up shelling of key cities in Ukraine. We
Speaker 1: are live with the latest. More companies abandonized to Russia
Speaker 1: as Moscow becomes increasingly isolated and the war becomes a
Speaker 1: key focus for President. Finded in tonight State of the
Speaker 1: Union address, New York Mayor Adams says the NYPD has
Speaker 1: been too slow in designating hate crimes. Plus Hong Kong
Speaker 1: scope of nineteen jomody rate is now one of the
Speaker 1: highest in the world. I'm like the Bloomer more ahead.
Speaker 1: I'm John stas Shower sports blowout loss for the NAT's,
Speaker 1: easy win for the Devil's in a marathon bargaining session
Speaker 1: to try and end the baseball lockout. That's all straight
Speaker 1: ahead on Bloomberg day Break on Bloomberg Elementoryo, New York,
Speaker 1: Bloomberg nine one, Washington, d C. Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine six, San Francisco, Syrius x M one nineteen
Speaker 1: and around the world long Bloomberg Radio dot Com and
Speaker 1: via The Bloomberg Business. Good Morning, I'm Nathan Hagar and
Speaker 1: I'm Karen Moscow and global stocks are retreating this morning.
Speaker 1: We are coming up to five oh one on Wall Street,
Speaker 1: and we checked the markets every fifteen minutes throughout the
Speaker 1: trading day on Bloomberg. Right now, SMP futures are down
Speaker 1: twenty five points down, futures down one hundred sixty two,
Speaker 1: and nasday futures down one hundred sixteen. Ten year treasury
Speaker 1: up six thirty seconds. He had one point eight zero percent.
Speaker 1: They yield on the two year one point four zero percent. Nathan, Well, Karen,
Speaker 1: We'll have more on the markets in a minute, but
Speaker 1: we begin this morning. In Ukraine. Russia has escalated shelling
Speaker 1: overnight in key cities as a large Russian convoy moves
Speaker 1: slowly toward the capital of Kiev. Amy Morris has the
Speaker 1: latest from our Bloomberg newsroom. In Washington, senators held a
Speaker 1: closed door briefing on the Russian invasion of Ukraine last night,
Speaker 1: where Ukraine's ambassador sent our country needs more military weapons.
Speaker 1: Republicans Senator Mit Romney says the US can provide some help.
Speaker 1: We continue to have the capacity to get armament and
Speaker 1: and nourishment. Two fighters in Ukraine. That's done not by
Speaker 1: US directly. Democratic Senator Chris Coon says they're racing now
Speaker 1: for our humanitarian crisis. Suspect Russia will try and starve
Speaker 1: the population of Keith. We have to be prepared to
Speaker 1: provide significant humanitarian relief. New satellite images today show a
Speaker 1: forty mile long Russian military convoy just north of Kiev.
Speaker 1: In Washington, I maybe Morris Bloomberg Daybreak, right, Amy, thank you.
Speaker 1: As Russia steps up attacks on Ukraine, the fighting could
Speaker 1: turn even more brutal. That's the concern we're hearing from
Speaker 1: retired Lieutenant General Ben Hodges, the former commander of US
Speaker 1: Army Europe. It was two days ago the whole world
Speaker 1: solve dismissal that slammed into an apartment building, and that
Speaker 1: sort of thing is going to increase. UM. I think
Speaker 1: he will do whatever it takes to number one to
Speaker 1: decapitate the government uh and number two to avoid the
Speaker 1: humiliation of his forces being defeated and not able to
Speaker 1: take Retired Army Lieutenant General Van Honjas spoke with our
Speaker 1: Washington corresponded Joe matthew on Bloomberg Sound on Catch the
Speaker 1: program weekdays at five pm Eastern on Bloomberg Radio. The
Speaker 1: list of companies abandoning Russia is growing quickly, Karen and
Speaker 1: the mass exodus is reversing three decades of investment by
Speaker 1: Western business. Bloomberg. Rinita Young joins US Live with the details.
Speaker 1: Good morning, Granita, Good morning Nathan. Russia's largest foreign investor,
Speaker 1: BP led the way with its surprising announcement on Sunday
Speaker 1: that it would exit its state and state controlled Rosneft.
Speaker 1: That move could result in a twenty five billion dollar
Speaker 1: right off and cut its global oil and gas production
Speaker 1: by a third. Shell followed yesterday saying it's ending partnerships
Speaker 1: with state controlled Gas prom citing Russia's quote senseless act
Speaker 1: of military aggression. And Equinoor, which is Norway's biggest energy
Speaker 1: company and majority owned by the state, also announced it
Speaker 1: will start withdrawing from its joint ventures in Russia worth
Speaker 1: about one point two billion dollars. Live in New York.
Speaker 1: I'm rena need a Young Bloomberg daybreak. All right, we
Speaker 1: need to thank you. A couple of Wall Street Titans
Speaker 1: are speaking out about the Russia invasion. JP Morgan, CEO
Speaker 1: Jamie Diamond warrants that disconnecting Russian banks from the swift
Speaker 1: and messaging system may bring unintended consequences. Sanction says I
Speaker 1: cannot do busit you. A swift thing says I can't
Speaker 1: use a communication to do busy with you. I can
Speaker 1: still do busy with you. And there are a lot
Speaker 1: of workadouns in the swift, So they're different tools we're
Speaker 1: used for different reasons. JP Morgan, CEO Jamie Diamond made
Speaker 1: the comments at an interview with Bloomberg's at Hammond. Stay
Speaker 1: tuned for more of that conversation coming up later this hour.
Speaker 1: We also caught up with Citadel founder Ken Griffin. The
Speaker 1: billionaire says, this is a very critical time in geo politics.
Speaker 1: I think we're at a very, very very volved conflection
Speaker 1: point that will come down to whether or not the
Speaker 1: Russians will be satisfied by simply extending their affective borders
Speaker 1: in the Ukraine, Will they take Kiev, will a position
Speaker 1: themselves to reach beyond the borders of the Ukraine. The
Speaker 1: last is terrifying the markets. Citadel founder Ken Griffin made
Speaker 1: those comments in an upcoming interview on Bloomberg Wealth with
Speaker 1: David Rubinstein, the show They've used. March twenty two at
Speaker 1: nine pm Eastern on Bloomberg Television, Well Nathan, Market volatility
Speaker 1: remains high as world power step into isolate commodity rich Russia.
Speaker 1: Let's get the latest on the action live with Bloomberg's
Speaker 1: John Tucker, John Go Mordan Carra. The risk of markets
Speaker 1: includes disruptions to supplies of raw materials, which threatened stoke
Speaker 1: high inflation and hamper growth. We saw a buyer this
Speaker 1: morning warned that the Ukraine invasion poses a risk to
Speaker 1: its outlook. Most pressures may also impact monetary policy. Brett
Speaker 1: McGonagall as chairman of Capital Link. At the end of
Speaker 1: the day, what I think is going to happen is
Speaker 1: this gives some sort of a pause to an overly
Speaker 1: hawkish sed Deutsche Bank strapper. Just say stocks typically decline
Speaker 1: about six to eight percent after a geopolitical event before
Speaker 1: were retracing those losses in about three weeks. Aside from equities,
Speaker 1: oil pushing hires investors try to figure out whether a
Speaker 1: possible release of strategic reserves will have much of an
Speaker 1: impact and checking prices Right now, Brent crude is up
Speaker 1: four dollars four cents at one oh two twenty one
Speaker 1: Live in New York on John Tucker Bloomberg Daybreak. Thanks John.
Speaker 1: The invasion of Ukraine will take the spotlight tonight and
Speaker 1: President Biden State of the Union address. Originally he planned
Speaker 1: to highlight the improving coronavirus out look and rebrand his
Speaker 1: domestic policy priorities. The timing of tonight's speech creates a
Speaker 1: large opportunity for the president. That's according to Barbara Perry,
Speaker 1: director of Presidential Studies at the Miller Center of Public Affairs,
Speaker 1: if he sees as this moment, gives a good, solid speech,
Speaker 1: acknowledges people's pain, points out what he's done well, where
Speaker 1: his victories have been. And I think on the Ukrainian business,
Speaker 1: this could be his ish benign berlin Er moment of
Speaker 1: John Kennedy is standing at the Berlin Wall in nineteen three.
Speaker 1: I don't know how to say it in Russian, but
Speaker 1: ish benign Ukrainian. Barbara Perry was a guest on Bloomberg's
Speaker 1: Balance of Power. You can catch a special edition of
Speaker 1: the program tonight with live coverage of the State of
Speaker 1: the Union starting at a thirty pm Eastern on Bloomberg
Speaker 1: Radio and television. Futures lower ahead of the open this
Speaker 1: morning straight ahead your latest local headlines in the check
Speaker 1: of sports. This is Bloomberg five oh seven on Wall Street,
Speaker 1: thirty two degrees in Central Park. Still some lingering roadwork
Speaker 1: on all three Hudson River crossings. Janelle Crispins got the
Speaker 1: details on that for you shortly. First, Michael bar is
Speaker 1: here to tell us what else is going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. New York City Mayor Eric Adams said he
Speaker 1: hopes replacing the nypds Hate Crime Unit head will add
Speaker 1: a sense of urgency to the issue. I thought we
Speaker 1: were too slow and designating um investigating something as a
Speaker 1: particularly hate crime. Mayor Adams says that he wanted a
Speaker 1: new face and a new vision investigating hate crimes. Earlier
Speaker 1: this month, the NYPD reassigned in back there, Jessica Correy,
Speaker 1: head of the Hate Crime Task Force. The decision followed
Speaker 1: a number of high profile incidents targeting members of the
Speaker 1: Asian Americans and Pacific Islanders communities, as well as an
Speaker 1: overall increase in hate crimes across the city. Meanwhile, they
Speaker 1: or Adams also talked about the city hoping to lift
Speaker 1: more COVID mandates and businesses and schools. We are trending
Speaker 1: in the right direction. And every morning when I wake
Speaker 1: up and speak with my doctors of as I stated
Speaker 1: from the beginning, we want to follow the science, and
Speaker 1: they they have followed the science. We want to get to.
Speaker 1: We're at the right level we want to be. We
Speaker 1: just don't want to move too quickly. Now their children
Speaker 1: are coming back. Mayor Adams talked with Bloomberge Joe Matthew
Speaker 1: on balance of power. Hong Kong's COVID nineteen fatality rate
Speaker 1: is now one of the highest in the world. There
Speaker 1: has been a wave of deaths among its under vaccinated
Speaker 1: elderly population. The city reported one hundred seventeen new COVID
Speaker 1: deaths today. The Senate last night took up the show
Speaker 1: of a woman's right to an abortion. The vote to
Speaker 1: open debate on the Women's Health Protection Act failed. Republicans
Speaker 1: widely opposed the bill and filibustered it, stopping the measure
Speaker 1: from proceeding in the legislative process. Still, Democrats went ahead
Speaker 1: with a vote to put Republicans on record opposing the measure.
Speaker 1: Senate majority leader Chuck Schumer of New York says he
Speaker 1: supports the bill. We must fight to stop these insidious
Speaker 1: efforts to curtail a woman's right to access safe, legal abortion,
Speaker 1: and we must assert the federal government's role to protect
Speaker 1: this constitutional right. The bill is meant to federally safeguard
Speaker 1: abortion rights, which faces an uncertain future in the U. S.
Speaker 1: Supreme Court. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalists and analysts more than a hundred twenty countries.
Speaker 1: Michael Barren, this is Bloomberg, Nathan, Thanks Michael, five or
Speaker 1: nine on All Street time for the Bloomberg Sports I
Speaker 1: Take Morning, John stenshow here, Morning, Nathan Long night for
Speaker 1: the Nets in Brooklyn, Toronto. Scored forty two points in
Speaker 1: the first quarter in the route was on. Raptors won
Speaker 1: one thirty three nineties seven rookie Scottie Barnes scored twenty
Speaker 1: eight points, made his first eleven shots, and that's still
Speaker 1: without Kevin. Randy is expected back soon. They were without
Speaker 1: Kyrie or every n who hasn't played a home game
Speaker 1: all season, and their coach, Steve Nash, who was at
Speaker 1: the arena, even did a pregame presser then had to
Speaker 1: leave for help and safety protocol. Nets have now lost
Speaker 1: fourteen of seventeen. Irving did lead them to a victory
Speaker 1: last weekend in Milwaukee and then spoke about being allowed
Speaker 1: to play home games despite being unvaccinated. You know, just
Speaker 1: remain impatient and just seeing where things end up in
Speaker 1: this next week or so were the next two weeks,
Speaker 1: I'm not too sure, but I know as much Pop
Speaker 1: and uh I just I want to say this is
Speaker 1: that are very appreciative of all those that are pushing
Speaker 1: behind the scene to make our world a better play.
Speaker 1: New York City is going to start allowing unvaccinated fans
Speaker 1: into there, you know, but it's not known if that'll
Speaker 1: mean Irving will be allowed to play. Devil's a seven
Speaker 1: to two rout of Vancouver for to reach five eighty
Speaker 1: five seventy three over you match. Still no labor deal,
Speaker 1: then the baseball lockout, but at least they are trying.
Speaker 1: The two sides met until two am. They'll be back
Speaker 1: at eleven this morning. They pushed back the deadline. It
Speaker 1: was to be last night. Have no deal, then opening
Speaker 1: day would be postponed. That deadline is now five o'clock today. Earlier,
Speaker 1: the big baseball story was Derek Jeter's resignation as CEO
Speaker 1: of the Miami Marlins an apparent disagreement with his boss
Speaker 1: over the direction of the franchise. Jeter had a four
Speaker 1: percent ownership steak, which you will now sell up. John
Speaker 1: stash Award Bloomberg Sports Okay, John, thank you. SMP futures
Speaker 1: down down thirty one points down, futures down two eight
Speaker 1: NASTAC futures down a hundred thirty five points. That's a
Speaker 1: drop of nearly one percent. The tenure treasury up seven
Speaker 1: thirty seconds down, the yield one point eight zero percent,
Speaker 1: yield on the two year one point four zero percent.
Speaker 1: And i'm x screwed up three point one percent of
Speaker 1: three dollars one cent at ninety eight dollars seventy five
Speaker 1: cents a herald. Stay with us. You're listening to Bloomberg
Speaker 1: Daybreak Bloomberg eleven three oh weather, increasing clouds and be
Speaker 1: high in the mid forties Today, will be near fifty
Speaker 1: tomorrow with clearing skies and mostly sunny Thursday, but chillier
Speaker 1: with a high land near forty. Right now thirty two
Speaker 1: and partly cloudy in Central Park, Markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business Outland. At Bloomberg Quick Tape, He's a
Speaker 1: Bloomberg business clash, but I'm Karin. Moscow socks and Europe
Speaker 1: are lower along with US dot Index. Futures bonds are
Speaker 1: gaining as the conflict in Ukraine intensifies amid mounting penalties
Speaker 1: against Russia. Utilities and travel stars are leading a decline
Speaker 1: in the stocks. You're up six hundred as traders assess
Speaker 1: the effect of sanctions, who check the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg Right Now Futures,
Speaker 1: SMP futures down about twenty eight, fool Now futures down
Speaker 1: one hundred eighty, and nasday futures down one hundred sixteen.
Speaker 1: The decks in Germany is down to and a third
Speaker 1: percent ten year treasury of eight thirty seconds, he had
Speaker 1: one point seven nine percent. They yield on the two
Speaker 1: year one point three nine percent. Nine x Screwed oil
Speaker 1: is up three point two percent of three dollars six
Speaker 1: cents and ninety eight dollars seventy nine cents of barrel
Speaker 1: comes called up one percent or nineteen dollars at nineteen
Speaker 1: nineteen sixty announced the euro one point one one seven
Speaker 1: six against the dollar, British found one point three four
Speaker 1: oh three, and again as it won fourteen point eight
Speaker 1: three bitcoin this morning, moving higher at more than three
Speaker 1: and a half percent at forty three thousand, one hundred
Speaker 1: eighty dollars. That's a Bloomberg business flash. Now here's Michael
Speaker 1: Barr with more. Let's going on around the world, uncal
Speaker 1: Good morning, Good morning Karen. A forty mile convoy of
Speaker 1: Russian tanks and other vehicles is threatening Ukraine's capital, Kiev
Speaker 1: as an intense shelling attack targeted the country's second largest city. Meanwhile,
Speaker 1: both sides look to resume talks in the coming days
Speaker 1: aimed at stopping the fighting. Major League Baseball as extended
Speaker 1: it's deadline for reaching a labor deal to today at
Speaker 1: five pm for salvaging opening days scheduled on March thirty one.
Speaker 1: Locked out players and team owners engaged in a series
Speaker 1: of intense negotiations that began yesterday and stretched into early
Speaker 1: this morning. In the NBA, the Nets lost. In the NHL,
Speaker 1: the Devil's and Bruins won. The capitols lost Global Neames
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven under journalists and analysts
Speaker 1: more than twenty countries. Michael bar this is Bloomberg Natan.
Speaker 1: Thanks Michael. It's five nineteen on Wall Street Live from
Speaker 1: the Bloomberg Interacted Broker Studios. This is Bloomberg Daybreak, and
Speaker 1: our executive editor for International Relations, Rosalind Matheson is with
Speaker 1: us this morning as we continue following the latest developments
Speaker 1: out of the war in Ukraine. Ro's, good morning. We've
Speaker 1: seen the dramatic images of the government headquarters in the
Speaker 1: second largest city, car Cave, being bombarded, and now this
Speaker 1: word of a forty mile convoy headed toward the capital Kiev.
Speaker 1: What's the latest, Well, that's right. What we're seeing is
Speaker 1: the fighting escalating on the ground, but also shifting perhaps
Speaker 1: to a new stage from the Russians after six days
Speaker 1: of fighting and possibly quite a sense of frustration at progress,
Speaker 1: certainly not anticipating the level of the resistance that they
Speaker 1: would encounter from the Ukrainian forces who've been fighting with
Speaker 1: determination around the country, even though they are caused out
Speaker 1: class militarily by the Russian military. So what we're seeing
Speaker 1: is an escalation also in an aerial bombardment. Key cities
Speaker 1: like Khakiev coming under extensive bombing overnight again and also
Speaker 1: cities further to the southeast also suffering as well, and
Speaker 1: that perhaps reflects a sense of the Russians of wanting
Speaker 1: to escalate to try and get some progress here. And
Speaker 1: you can do that perhaps more effectively just by picking
Speaker 1: up that bombardment campaign instead of waiting for troops on
Speaker 1: the ground to move forward. Suddenly that large convoy is
Speaker 1: head towards Kiev, but it's making very slow progress on
Speaker 1: tricky roads, difficult to rain. Those roads are very narrow,
Speaker 1: they're also full of potholes, so just the movement is
Speaker 1: quite difficult and so being slowed down by that alone.
Speaker 1: So you can see there's definitely a shift in tactics
Speaker 1: on the ground as a result. Now you wonder whether
Speaker 1: the shift in tactics as as a result of the
Speaker 1: resistance that we're seeing from Ukrainian forces or the impact
Speaker 1: that the Russian economy is starting to feel now with
Speaker 1: these sanctions taking hold and near universal, it seems business
Speaker 1: reaction basically cutting off ties to Russia. It could be
Speaker 1: a combination of those things. What's the assessment. Well, certainly,
Speaker 1: as his economy gets squeezed and that filters down to
Speaker 1: Russian consumers as well as to the upper echelons of
Speaker 1: power in Russia, you can imagine that the Russian presently
Speaker 1: keen to mitigate that and to minimize it as quickly
Speaker 1: as possible. So that might be a factor in his thinking.
Speaker 1: But also the cost of the invasion themselves considerable. He
Speaker 1: had massed up to two hundred thousand troops and a
Speaker 1: lot of equipment on the border over a period of months,
Speaker 1: sustaining that force ahead of invasion on the border, doing
Speaker 1: some very big drills in places like bi Larus, and
Speaker 1: now the actual war itself, and so the financial cost
Speaker 1: to him from that are also rising. They're probably dwarfed
Speaker 1: by the economic penalties he's facing, but certainly a factor
Speaker 1: in his thinking, no doubt. Now pretty startling headline we
Speaker 1: saw from the Minister of Defense of Russia, Sergei Shoigu,
Speaker 1: saying that Russia will pursue the Ukraine offensive until all
Speaker 1: goals are achieved. It sounds as though they've at least
Speaker 1: feel undeterred or as you mentioned, the shift in tactics there,
Speaker 1: But what's the implication if we hear from the Russian
Speaker 1: Defense minister that this bombardment, this escalation of fighting in
Speaker 1: Ukraine could continue. Well, the fear is also not just
Speaker 1: what happens inside Ukraine with that, but also there is
Speaker 1: that as time goes on and those campaigns continue, do
Speaker 1: you start to see thing seep outside the Ukrainian border.
Speaker 1: Of course, there was concern yesterday from Poland that Russia
Speaker 1: might move very close to the border in Ukraine between
Speaker 1: Ukraine and Poland and try and block that border off
Speaker 1: and the exodus of people. So you're bringing Russian troops
Speaker 1: and equipment and planes potentially into ever closer proximity to
Speaker 1: those of NATO countries, and that could risk some kind
Speaker 1: of incident, misunderstanding or whatever. That essentially then sees NATO
Speaker 1: troops in direct conflict with Russia. Of course, the Russian
Speaker 1: present has also put his nuclear arsenal on higher alert,
Speaker 1: and that's raising a lot of concern across Europe. So
Speaker 1: the risk is not just that the conflict escalates for
Speaker 1: the people of Ukraine and unfortunate consequences of that for civilians.
Speaker 1: Of course, in city areas, but that this could blow
Speaker 1: into a broader conflict even that's not currently intended. But
Speaker 1: only have about thirty seconds left here rise where we've
Speaker 1: seen the pretty extraordinary support that Ukraine has been receiving,
Speaker 1: Germany stepping up its defense spending as well. Is there
Speaker 1: more that can be sent sent in that the Ukraine
Speaker 1: could expect in terms of support from the US and allies. Well,
Speaker 1: there were some reports Ukraine said this morning that they
Speaker 1: would that countries in Eastern Europe had degree to send
Speaker 1: them a bunch of fighter jets. Of course Slovakia Bulgaria
Speaker 1: amongst the countries that have now denied that because setting
Speaker 1: sending in fighter jets that have actually originally been made
Speaker 1: in Russia would have put more aircraft in the in
Speaker 1: the in the air space there and risk further conflict
Speaker 1: and catastrophe. So beyond that, they're simply sending in mostly
Speaker 1: on the ground ums and other weaponry. Thanks for the time,
Speaker 1: as always, Rosalind Mathieson, our executive editor for International Relations
Speaker 1: at Bloomberg News. As we continue monitoring developments in the
Speaker 1: war in Ukraine and the market reaction. Right now, futures
Speaker 1: are falling ahead of the open on Wall Street, with
Speaker 1: SMP futures now down twenty eight points down, futures down
Speaker 1: a hundred eighty seven, and NAZDAC futures lower by a
Speaker 1: hundred fourteen points. Just ahead, the Pentagon looks for de
Speaker 1: escalation plans from Russia and the war whip saws markets.
Speaker 1: Top stories of the morning. Just ahead on Bloomberg day Break,
Speaker 1: Bloomberg eleven three oh weather clouds will increase today. Highs
Speaker 1: in the mid forties, will be in your fifty tomorrow
Speaker 1: under clearing sky's chintz of a little bit of rain
Speaker 1: tomorrow night, but it will turn mostly sunny Thursday, with
Speaker 1: the hein your forty Right now thirty two in Central Park,
Speaker 1: broadcasting y from the Bloomberg Interactive Broker Studio in New York,
Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg nine
Speaker 1: one to Boston, Bloomberg What all the six one does?
Speaker 1: San Francisco, Bloomberg nine six to the Country, Sirius XM
Speaker 1: chad A one ninet and around the globe the Bloomberg
Speaker 1: Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak,
Speaker 1: and it's five thirty on Wall Street. Good morning, I'm
Speaker 1: Karen Moscow and I'm Nathan Hager Bloomberg Daybreak. Bront you
Speaker 1: by SEI visionary asset managers find opportunity where others are challenged.
Speaker 1: Exploits to drop in potential with SCI's global operating platform.
Speaker 1: Find out how at se i C dot com slash
Speaker 1: I M S. And we're about four hours away from
Speaker 1: the open of US trading. Let's get you up to
Speaker 1: date on the news you need to know. At this hour,
Speaker 1: Moscow has stepped up shelling in Ukraine and Russian troops
Speaker 1: are on the move. Satellite images show a forty mile
Speaker 1: long military convoy just north of Kiev. At the same time,
Speaker 1: the Pentagon is mulling a plan to deal with Russia
Speaker 1: if it eventually decides to de escalate, Bloomberg said. Baxter
Speaker 1: has the story a plan being called a deconfliction mechanism,
Speaker 1: and spokesman John Kirby says this could happen as Vladimir
Speaker 1: Putin has met more resistance than he expected. You gotta
Speaker 1: hand it to the Ukrainians who have been fighting very
Speaker 1: hard for their country and making an impact and making
Speaker 1: a dent. Having said that, Kirby says Putin still has
Speaker 1: more troops available. He hasn't moved all of it into Ukraine,
Speaker 1: but he's moved the majority of it. He still has
Speaker 1: a lot in San Francisco. I'm at Baxter Bloomberg Daybreak.
Speaker 1: Thank you, Ed. And as the conflict deepens, the list
Speaker 1: of companies abandoning Moscow is growing. Bloomberg's would need a
Speaker 1: Young joins us Live with the details. Good morning, Ranita,
Speaker 1: Good morning Nathan. Russia's largest foreign investor, BP led the
Speaker 1: way with its surprising announcement on Sunday that it would
Speaker 1: exit at stake and state controlled Rosneft. Shell followed yesterday
Speaker 1: saying it's ending partnerships with state controlled gas Prom and Equanoor,
Speaker 1: which is Norway's biggest energy company, also announced it will
Speaker 1: start withdrawing from its joint ventures in Russia worth about
Speaker 1: one point two billion dollars. Live in New York, I'm
Speaker 1: Ranita Young, Bloomberg Daybreak, Ranita, thank you. The markets having
Speaker 1: whipsaw by the war, along with steps to Isola commodity
Speaker 1: rich Russia. And let me get the latest on that,
Speaker 1: Live with the Bloomberg's John Tucker, John Karen. The SMP
Speaker 1: five had a trimmed to drop yesterday that reached one
Speaker 1: point six percent, while still launching its second month of declines.
Speaker 1: The tech heavy NASDAK finished higher yesterday, but it's still
Speaker 1: down focent from its November record. JP Morgan Chase strategists
Speaker 1: say the war in Ukraine is dim prospects for aggressive
Speaker 1: FED rate hikes and that should bolster American stocks, even
Speaker 1: as Mark could endure this bout of volatility. Live in
Speaker 1: New York on John Tucker Bloomberg Daybreak and John, the
Speaker 1: conflict in Ukraine has energy prices pushing higher, despite whispers
Speaker 1: of a possible release of strategic oil reserves by the
Speaker 1: US and its allies. Checking prices now, nimex screws up
Speaker 1: three point one percent at ninety eight dollar sixty six
Speaker 1: cents of barrel Brent up three point six percent a
Speaker 1: hundred one dollar forty four cents, and the Russian invasion
Speaker 1: will be a main topic tonight at President Biden State
Speaker 1: of the Union address. Nathan to an in for live
Speaker 1: cover to the speech beginning at eight thirty pm Eastern
Speaker 1: on Bloomberg Radio and Television. Your top local stories straight ahead.
Speaker 1: This is Bloomberg, all right. Thanks. Three on Wall Street
Speaker 1: thirty two degrees in Central Park on a disabled vehicle
Speaker 1: westbound on the Brockner but the Bronxterver Parkway. Details on
Speaker 1: that coming up in Traffic First. Michael Bars here with
Speaker 1: more on what's going on in New York and around
Speaker 1: the world. Michael Nathan, thank you very much. New York
Speaker 1: City Mayor Eric Adams said the city's police permit has
Speaker 1: been too slow and designating and investigating incidents as a
Speaker 1: heat crime. During his news briefing, Adam says that he
Speaker 1: hopes replacing the NYPDS Hate Crime Unit head will add
Speaker 1: a sense of urgency to the issue. I'm not going
Speaker 1: to govern the city based on stats. We're going to
Speaker 1: be clear. If there's a crime, we're going to we
Speaker 1: put that crime. Mayor Eric Adams also says that he
Speaker 1: can't make a vaccine exception for the Brooklyn Nets basketball
Speaker 1: star Kyrie Irving, who is prevented from playing in home
Speaker 1: games at the Barclays Center because he's not vaccinated. Adams
Speaker 1: spoke to Bloomberg's Joe Matthew on balance of power there. Adams,
Speaker 1: will you revoke the private employer mandate so Kyrie Irving
Speaker 1: can play at the Barclays Center. That's the question. We
Speaker 1: hear all all the time. Listen the mandates got us here.
Speaker 1: We can instantly get Kyrie to play. Just get that
Speaker 1: sutting off. Mayor Adams also says he plans to announce
Speaker 1: lifting the city's public sector vaccine mandates next week. Hong
Speaker 1: Kong residents empty story shelves and a scramble to prepare
Speaker 1: for reported lockdown of the city later this month and
Speaker 1: meant a snowball. In COVID outbreak, Hong Kong's COVID nineteen
Speaker 1: fatality rate is now the highest in the developed world.
Speaker 1: California authorities say a man shot and killed his three daughters,
Speaker 1: their chaperone, and himself during a supervised visit with the
Speaker 1: girls at a church in Sacramento. Sacramento County Sheriff spokesman
Speaker 1: Sergeant Rod Grassman says the shooter was a strange from
Speaker 1: the children's mother. This is um as far as I
Speaker 1: can see at this point, a domestic violence related sort
Speaker 1: of incident. Sergeant Grassman says the victims included three girls,
Speaker 1: ages nine, ten, and thirteen. Senator Joe Manchins has he
Speaker 1: wanted the administration to encourage more domestic energy production the
Speaker 1: West Virginia Democrats says he was planning weeks of hearings
Speaker 1: on energy independence, both for the US and to support
Speaker 1: NATO allies. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg quick Take, powered by more in
Speaker 1: that twenty seven hundred journalists and analysts more than a hundred,
Speaker 1: twenty countries. I'm Michael Barne, there is Bloomberg. Thank you, Michael.
Speaker 1: On Wall Street. Time for the Bloomberg Sports Update. Here's Johnston,
Speaker 1: Thank Nathan. Baseball's opening days scheduled for March thirty one.
Speaker 1: Will it happen? Where? He still don't know. MLB had
Speaker 1: said a deadline for last night they have no labor deal,
Speaker 1: then the lockout and the season would be shortened. They
Speaker 1: have now extended that deadline to five o'clock today. The
Speaker 1: two sides were at the bargaining table until two am
Speaker 1: and will return at eleven this morning. Commissioner Rob Manfred
Speaker 1: emerged it around six last night, said we are working
Speaker 1: at it. MLB put out a statement that read we
Speaker 1: want to exhaust every possibility to get a deal done. Meanwhile,
Speaker 1: Derek Jeter is no longer running the Miami Marlins. He
Speaker 1: resigned after four years as CEO. He will now divest
Speaker 1: his four percent ownership. Jeter clearly differed with principal owner
Speaker 1: Bruce Sherman on the direction of the team. The Yankees
Speaker 1: have named Hensley Mullins assistant hitting coach. Former Yankee player,
Speaker 1: Mullins was actually a finalist to be Yankee manager when
Speaker 1: they hired Aaron boom nets Off. The upset win in
Speaker 1: Milwaukee began at home at home with the Raptors. It
Speaker 1: was all Toronto in Brooklyn one thirty three to nineties
Speaker 1: seven eight two teams again tonight in Toronto. Fifty two
Speaker 1: points last night for John Morant in a win for
Speaker 1: Memphis the Devil's with seven different goal scorers on a
Speaker 1: seven or two rout of Vancouver four and beat U
Speaker 1: mass eight five seventy three two oh ms twenty three points,
Speaker 1: eleven rebounds with the Rams, North Carolina beat Syracuse in overtime.
Speaker 1: N y C f C, the offending MLS champions, have
Speaker 1: signed a new player, New York City native named Maximo Carrizo.
Speaker 1: He signed what they call a homegrown contract on his
Speaker 1: fourteenth birthday. He's been playing the team's youth academy since
Speaker 1: he was none. John Stash Allard Bloomberg Sports Naked. Thanks
Speaker 1: John thirty seven on Wall Street Time for the tri
Speaker 1: State Business Report with Bloomberg's head Cory. Luxury fashion brand
Speaker 1: Ermez International is moving its US headquarters to a building
Speaker 1: on Manhattan's Madison Avenue that's being redeveloped. The Paris base
Speaker 1: designer is taking more than seventy one thousand square feet
Speaker 1: of offices at five fifty Madison Avenue, the less for
Speaker 1: all of the space and the towers twenty three through floors.
Speaker 1: City groups decided to change course on holding Wednesday's Investor
Speaker 1: Day meeting in person. The decision comes after two members
Speaker 1: of senior management tested positive for COVID nineteen. They say
Speaker 1: a virtual format is the right decision given the current circumstances.
Speaker 1: They owned. New Jersey based Royal Wine will donate one
Speaker 1: of its proceeds through March tenth from two of its
Speaker 1: vodka brands to the aid organization Emergency Ukraine. Also Monday,
Speaker 1: Total Wine and More of Maryland chained with many New
Speaker 1: Jersey stores said at yanked Russian products from its shelves.
Speaker 1: That your Bloomberg tried State Business Report. I'm ed Corey. Thanks,
Speaker 1: said Bloomberg Radio is on the air from San Francisco
Speaker 1: to New York, London to Hong Kong. Let's check in
Speaker 1: with our global news team for some of the top
Speaker 1: stories heard on our three hundred affiliate radio stations around
Speaker 1: the world. I'm Steve Podascan on ten ten Wins in
Speaker 1: New York. We're talking about a lawsuit in luxury retail
Speaker 1: as Cartier's sues Tiffany claiming a theft of trade secrets.
Speaker 1: I'm Gina Servettian for w b D. I'm in Chicago.
Speaker 1: I'm reporting that politicians from New York to Illinois to
Speaker 1: California are calling for public pensions to dump investments tied
Speaker 1: to Russia. Um Corney Donahoe on ktr H in Houston.
Speaker 1: United Airlines is continuing to fly through Russian airspace as
Speaker 1: rivals divert flights. My klint head called pombeg dab digital
Speaker 1: media a little Portico. Bois Johnson meeting key Eastern European
Speaker 1: allies as the opposition calls for more to be done
Speaker 1: to help Ukrainian refugees. Him Ed Corey on w w
Speaker 1: J in Detroit. I'm reporting the Energy Department is recognizing
Speaker 1: Ford for joining its Better Climate Channel, And those are
Speaker 1: some of the stories our hundred Bloomberg journalists and analysts
Speaker 1: are working on this morning around the world. It's five
Speaker 1: thirty nine on Wall Street. The following is an editorial
Speaker 1: from Bloomberg Opinion. This sedatorial was written by the Bloomberg
Speaker 1: Editorial Board board. In response to Russia's invasion of Ukraine,
Speaker 1: Western leaders have agreed to exclude some of the country's
Speaker 1: largest banks from Swift, the messaging service that facilitates most
Speaker 1: money transfers globally. The move will deal Russia a brutal blow,
Speaker 1: but it could also have long term consequences for international finance.
Speaker 1: As with any network, the value of Swift depends on
Speaker 1: the number of banks that use it. Only Iran has
Speaker 1: ever been cut off entirely. The example of Russia could
Speaker 1: prompt others, such as China to turn to alternatives, fragmenting
Speaker 1: the global payment system and potentially undermining the US dollars dominance.
Speaker 1: That's why Western leaders and particularly the US, should be
Speaker 1: wary of ejecting Russia from Swift completely. Their desire for
Speaker 1: bold action is understandable, but they should take care not
Speaker 1: to do something they'll later regret. This editorial was written
Speaker 1: by the Bloomberg Editorial Board. For more Bloomberg opinion, please
Speaker 1: go to Bloomberg dot com, Slash Opinion or op I
Speaker 1: n go on the Bloomberg Terminal. This has been Bloomberg Opinion.
Speaker 1: Listen for Bloomberg opinion editorials every weekdy at this time
Speaker 1: terminal customers can read more at ope I n Go
Speaker 1: Bloomberg eleventh three oh weather. Clouds will increase today with
Speaker 1: highs in the mid forties, clearing and mild er tomorrow
Speaker 1: in your fifty degrees mostly sunny, but highs only near
Speaker 1: forty by Thursday. Right now mostly cloudy thirty three degrees
Speaker 1: in Central Park. Markets. Headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business
Speaker 1: at and at Bloomberg Quicktape. This is a Bloomberg Business
Speaker 1: Flash and I'm kerin Moscow. A fresh wave of volatility
Speaker 1: hitting global markets as the conflict in Ukraine intensifies amid
Speaker 1: mounting penalties against Russia. Stocks in Europe are falling along
Speaker 1: with US stock index futures, while bonds gain and oil
Speaker 1: pushes sharply higher. We checked the markets every fifteen minutes
Speaker 1: throughout the trading day on Bloomberg U S and P
Speaker 1: Future is down thirty points this morning. Down Future is
Speaker 1: down two hundred ten nasdack Futures down one dred ten.
Speaker 1: The docks in Germany is down two and a quarter
Speaker 1: percent ten. Your Treasury up nineteen thirty seconds yield one
Speaker 1: point seven five percent. They yield on the two year
Speaker 1: one point three three percent. NIMEX screwed oil is up
Speaker 1: three and a quarter percent, up three dollars ten cents
Speaker 1: at ninety eight dollars eighty two cents of barrel COMEXS
Speaker 1: Gold is at one point three percent of twenty four
Speaker 1: dollars seventy cents at nineteen twenty an ounced, the euro
Speaker 1: one point one one seven nine against the dollar, British
Speaker 1: found one point three three nine nine, began as at
Speaker 1: one fourteen point eight seven, and Bitcoin this morning moving
Speaker 1: higher at more than four percent at forty three thousand,
Speaker 1: four hundred twenty dollars. Today, we are watching for reports
Speaker 1: on constructions, spending and manufacturing at at ten o'clock Wall
Speaker 1: Street time, and Target is among companies schedule to report
Speaker 1: earnings today. That's a Bloomberg business flash. Now here's Michael
Speaker 1: Barr with more I'm less going on around the world.
Speaker 1: Michael Darren, thank you very much. Ukraine President Voladimir z
Speaker 1: Lensky says Russian missiles into the country's second largest city,
Speaker 1: Kharkiv is open uncovered. Terrorism Interfacts News out of Ukraine
Speaker 1: report Zelinski declared Russia a terrorist state. President Biden delivers
Speaker 1: his first State of the Union speech tonight, the President
Speaker 1: dealing with low approval ratings an installed legislative agenda on
Speaker 1: top of the Russia invasion. Bloomberg will carry Tonight's address
Speaker 1: starting at eight thirty pm Eastern Time. In the NBA,
Speaker 1: the Nets lost. In the NHL, the Devils and Bruins won,
Speaker 1: the Capitols lost. Global News twenty four hours a day
Speaker 1: on here and on Bloomberg Quick Tank, powered by more
Speaker 1: than twenty seven hundred journalist analyst in more than a
Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg, Nathan,
Speaker 1: Thank you, Michael. It's fine forty nine on Wall Street
Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak,
Speaker 1: and we remain fixed on the war in Ukraine. This
Speaker 1: morning is Russia steps up showing penalties from world leaders
Speaker 1: and big business are starting to hit Moscow now and
Speaker 1: over the weekend, Western nations agreed to exclude some of
Speaker 1: Russia's banks from the Swift messaging system that's used for
Speaker 1: trillions of dollars of transactions around the world. But that
Speaker 1: move could have unintended consequences. That's according to JP Morgan
Speaker 1: Chase CEO Jamie Diamond. He sat down to discuss the
Speaker 1: move with Bloomberg's at Hammond in an exclusive interview from
Speaker 1: JP Morgan's Global High Yield and Leveraged Finance Conference in Miami.
Speaker 1: Let's listen in now to that conversation with Jamie Diamond
Speaker 1: and just told to me quickly about Swift and what
Speaker 1: that means for the global banking industry. If indeed these
Speaker 1: sanctions doesn't have been proposed to follow the little misinformation today,
Speaker 1: the government's going to decide, how do you sanction, how
Speaker 1: do you swift? How don't want to bore your users?
Speaker 1: A saint? He says, they cannot do busit your a
Speaker 1: swift thing says, I can't use a communication to do
Speaker 1: busy you. I can still do busy with you. And
Speaker 1: there are a lot of workerounds in the swift. So
Speaker 1: they're different tools. We're used for different reasons. And you know,
Speaker 1: the banks are talking to the government. So everyone who
Speaker 1: stands the issues, not because they're for against any particular thing,
Speaker 1: war don't doesn't always follow the path you want for
Speaker 1: the answer, sanctions always follow the path you want. So
Speaker 1: then people should be very thoughtful how they go about
Speaker 1: these things. And the question of workarounds the swift is
Speaker 1: a very important one because that seems to be a
Speaker 1: concern that if an alternative system is established and begins
Speaker 1: to attraction, that can present real risks to this sort
Speaker 1: of financial stability of the West. Well, I remember, they
Speaker 1: could just stop us from doing it by telling us
Speaker 1: a sanction is very targeted, very specific, very clean, and
Speaker 1: depending how you apply, you can apply that in moltile
Speaker 1: ways that you can't get around. There's no work around
Speaker 1: in that kind of sanctions, nor should there be. You know,
Speaker 1: I'm an American patriot and we're gonna do with the
Speaker 1: American government telliss to do. And uh so I think
Speaker 1: people were I think they're more us with about the
Speaker 1: unintended consequences. What countries do you hurt? And what people
Speaker 1: are going to do work around how you fix that
Speaker 1: in case you shouldn't remember, the government itself wants to
Speaker 1: have an open conduit, looks like for energy payments. So
Speaker 1: there are a whole bunch of issues they got to
Speaker 1: work through. Before any of they started, there was obviously
Speaker 1: a lot of questions around the Fed and what they
Speaker 1: were going to be doing this year to try and
Speaker 1: get inflation on the control. You've been public in some
Speaker 1: comments about when you think they've got it right, where
Speaker 1: you think they've got it wrong. Taking in everything that's
Speaker 1: going on at the moment, you think what they've telegraphed
Speaker 1: it's gonna be enough to get the economy under control.
Speaker 1: It's really good to step back two years ago because
Speaker 1: we were here two years ago and then reachly after
Speaker 1: that we had months after we had a fifteens unemployment,
Speaker 1: no vaccine. So I really applaud what the government did
Speaker 1: to get things back, and it's very easy to second
Speaker 1: guess and do all that. I hate doing it. I'm
Speaker 1: about to do it. They probably too much fiscal stimulus
Speaker 1: and quietated easing, but you're still a very short economy,
Speaker 1: and you know, I think the Feds are gonna try
Speaker 1: to meet that story economy of strength I raising race
Speaker 1: and you know, reversing que not to eliminate, to slow
Speaker 1: it down, so reduce inflation and all that, and you
Speaker 1: know I wish him the best. How many rate races
Speaker 1: do you think you should see this hearing? I mean, look,
Speaker 1: people are relying on seven or nine. It could be
Speaker 1: seven nine, it could be more, could be us. And
Speaker 1: obviously when people say that feds are gonna be data dependent,
Speaker 1: of course, can you imagine the fetch saying We're not
Speaker 1: gonna be data dependent at all. So you know they
Speaker 1: should be data dependent. The stronger this is, they're more
Speaker 1: they can raise it and they'll keep all the issues
Speaker 1: in mind and hopefully you can upset it. And I
Speaker 1: do think I don't think all of the inflations temporary,
Speaker 1: but I do think part of it because the compling,
Speaker 1: we'll get better over tirement. So they just gotta navigate
Speaker 1: through that. And I don't think it should promise us
Speaker 1: what they're gonna do, because they don't know what they're
Speaker 1: gonna do. Retain that flexibility, to retain flexibility, yes, a
Speaker 1: lot of figuring on from what's what's happening elsewhere in
Speaker 1: the world today. I wonder what your advice is to
Speaker 1: big cult for customers about how they deal with this
Speaker 1: what seems to be a new normal in terms of volatility,
Speaker 1: whether it's induced by the FED, whether it's induced by
Speaker 1: what's going on a Ukraine or elsewhere. Basically, they've gotta
Speaker 1: get used to it, you know, we have uh you know,
Speaker 1: firstial market volatility is not the same thing as the economy,
Speaker 1: and you know, the economy looks like you would be
Speaker 1: pretty strong for a while. Obviously there are things gonna
Speaker 1: upset that Apple card, you know, mark of volatility, and
Speaker 1: lest it affects the economy, most of the people don't care.
Speaker 1: They don't pay that much attention to it. So I
Speaker 1: think you will inevitably have a lot of market volatility,
Speaker 1: both from you know, the bipartisan the lack of bi partisanship,
Speaker 1: you know, the reversal QUI to q T. That's a
Speaker 1: very complex thing. Rising rates, you know, the markets already
Speaker 1: kind of high, you know, which makes it so I
Speaker 1: think it's kind of a normal state of affairs. I
Speaker 1: tell mol, I worry about shoving my customer. I want
Speaker 1: to be for these customers day in and day out.
Speaker 1: I'll deal with the market volatility like the weather. Well,
Speaker 1: that's fine. Do worry about monatility because it changes their
Speaker 1: ability to make clear decisions over time to rise? I
Speaker 1: need very few do, actually, And I mean I think
Speaker 1: you know, confidence is not driven because the market volatilities,
Speaker 1: because this rule of law is the country gonna grow
Speaker 1: and stuff like that. So, uh, you know, some people
Speaker 1: react to market volatility if it starts to affect the
Speaker 1: economy like capital investment, consumer you know, real consumer commons.
Speaker 1: Then the federal price slowed down when it's doing it,
Speaker 1: and you know they don't want to do that. But
Speaker 1: my view has built the business for the long run.
Speaker 1: You know, you're gonna have some tough times. That's that's
Speaker 1: where we all live with. That was JP Morgan Chase
Speaker 1: CEO Jamie Diamond, speaking exclusively with Bloomberg's Ed Hammond from
Speaker 1: JP Morgan's Global High Yield and Leveraged Finance Conference in Miami.
Speaker 1: You can catch more of their conversation online at Bloomberg
Speaker 1: dot com. Karen, all right, Nathan, it is five fifty
Speaker 1: four on Wall Street and this is Bloomberg Daybreak and
Speaker 1: tonight President Biden delivers his State of the Union address.
Speaker 1: Just one year ago, the political climate was starkly different
Speaker 1: than today, with a focus on domestic policy and recovery
Speaker 1: from the pandemic. Today it's all about the conflict between
Speaker 1: Russia and Ukraine. There were promises made, kept and missed,
Speaker 1: and last year's address from their president and Bloomberg Washington corresponded.
Speaker 1: Joe Matthew brings us more in this special report. America
Speaker 1: is on the move again. On the eve of his
Speaker 1: hundredth day in office, President Biden made lofty declarations to
Speaker 1: a joint session of Congress and laid out his vision
Speaker 1: for his administration. America is ready for a takeoff. In
Speaker 1: my view, we're working again, dreaming again, discovering again, and
Speaker 1: leading the world again. The President, however, has faced many
Speaker 1: hurdles from a pandemic that has lingered long past when
Speaker 1: he had hoped to a steady and persistent rise in inflation.
Speaker 1: While he came into office hoping for bipartisanship, many of
Speaker 1: the priorities Biden laid out in his first address have
Speaker 1: not landed. Raised the minimum ways to fifteen dollars, four
Speaker 1: additional years of public education every person in America. The
Speaker 1: American Family's Plan will finally provide up to twelve weeks
Speaker 1: of paid leave and medical leaf. The American Family's Plan,
Speaker 1: which was later rebranded as Build Back Better, is dead,
Speaker 1: leaving those promises unfulfilled. The president also laid out a
Speaker 1: series of domestic goals that he has not been able
Speaker 1: to reach, including stricter gun laws, police reform, voting rights reform,
Speaker 1: and immigration reform. The country who supports this reform and
Speaker 1: Congress should act. Biden did, however, deliver on some of
Speaker 1: the promises he made during last year's address, including passing
Speaker 1: a bipartisan infrastructure bill includes massive investments in fixing roads
Speaker 1: and bridges and electric vehicles and broadband. Biden also pledged
Speaker 1: to remove all US troops from Afghanistan during his first
Speaker 1: year in office, and while he followed through, the withdrawal
Speaker 1: was marred by the death of thirteen American service members.
Speaker 1: That disaster in Afghanistan also saw a rapid return to
Speaker 1: power of the Taliban and is widely considered a foreign
Speaker 1: policy fiasco. When it comes to Russia, Ukraine was not
Speaker 1: even mentioned last year. Instead, Biden focused on election medling.
Speaker 1: So I responded directly proportionally to Russia's interference our elections
Speaker 1: and the cyber attacks on our government, our business Biden
Speaker 1: will return to the House Chamber more than a year
Speaker 1: into what has been a very challenging first term. If
Speaker 1: the proof democracy still works, that our government still works,
Speaker 1: when we can deliver for our people, still trying to
Speaker 1: prove that government's bitterly divided can in fact deliver for
Speaker 1: the American people in Washington. Joe Matthew, Bloomberg Daybreak. All right, Joe,
Speaker 1: thank you, and please join Bloomberg's Joe Matthew tonight as
Speaker 1: he leads our coverage our President Biden's second State of
Speaker 1: the Union address. And it all starts at eight thirty
Speaker 1: Eastern on Bloomberg Radio and Television. And futures this morning,
Speaker 1: following SMP futures down twenty two points, to OWN futures
Speaker 1: down one sixty and NASDAG futures down eight one the
Speaker 1: tenure treasury up twenty thirty seconds, the yield one point
Speaker 1: seven five percent, and they yield on the two year
Speaker 1: one point three two percent and still ahead on Bloomberg
Speaker 1: Daybreak and check on the business headlines and all the
Speaker 1: news you need to start your day. This is Bloomberg