1 00:00:02,520 --> 00:00:06,040 Speaker 1: My from the Bloomberg Interactive Burger Studios is Bloomberg Daybreak 2 00:00:06,080 --> 00:00:09,200 Speaker 1: for Monday, April eight teen two. Coming up this hour, 3 00:00:09,480 --> 00:00:12,119 Speaker 1: Russia surrounds the port city of Mario paul Is. The 4 00:00:12,119 --> 00:00:15,319 Speaker 1: war in Ukraine intensifies the US natural gas searches to 5 00:00:15,400 --> 00:00:18,560 Speaker 1: a thirteen year high. J Powell may Reinforce bets that 6 00:00:18,640 --> 00:00:21,799 Speaker 1: the FED raises infrastrates by a half percentage point next month. 7 00:00:22,040 --> 00:00:24,640 Speaker 1: And Make of America kicks off a busy week of earnings. 8 00:00:24,880 --> 00:00:27,560 Speaker 1: New York's mayor and police commission their address shootings in 9 00:00:27,560 --> 00:00:30,200 Speaker 1: the city. Plus officials in New Jersey are looking into 10 00:00:30,200 --> 00:00:33,000 Speaker 1: a link between a high school and brain cancer. Hi, 11 00:00:33,120 --> 00:00:35,840 Speaker 1: Michael barn More, I have I'm done Stage Sharon Sports 12 00:00:35,840 --> 00:00:37,680 Speaker 1: Part Break for the Nets. They lost at the Plazza 13 00:00:37,720 --> 00:00:39,720 Speaker 1: in Boston. The Mets one five en up in the 14 00:00:39,800 --> 00:00:46,600 Speaker 1: Yankees lost five to nothing. That's all straight ahead on 15 00:00:46,840 --> 00:00:52,600 Speaker 1: Bloomberg Daybreak on Bloomberg eleven Trio, New York, Bloomberg one, Washington, 16 00:00:52,720 --> 00:00:56,800 Speaker 1: d C, Bloomberg one six one, Boston, Bloomberg nine sixties, 17 00:00:56,840 --> 00:01:00,800 Speaker 1: San Francisco, Sirius x M one ninete and around the 18 00:01:00,880 --> 00:01:04,240 Speaker 1: world on Bloomberg Radio dot Com and via the Bloomberg 19 00:01:04,280 --> 00:01:10,039 Speaker 1: Business App. Good morning, I'm Nathan Hagar and I'm Karen. 20 00:01:10,120 --> 00:01:13,319 Speaker 1: Moscow and US not Index futures are lower this morning. 21 00:01:13,400 --> 00:01:15,320 Speaker 1: We are coming up to six oh one on Wall Street, 22 00:01:15,319 --> 00:01:17,400 Speaker 1: and we check the markets every fifteen minutes throughout the 23 00:01:17,400 --> 00:01:20,120 Speaker 1: trading day. On Bloomberg. U S and P future is 24 00:01:20,160 --> 00:01:22,600 Speaker 1: down twenty three points and down features down one hundred 25 00:01:22,680 --> 00:01:26,600 Speaker 1: three NASDAG features down nineties seven. Ten year treasury down 26 00:01:26,680 --> 00:01:29,280 Speaker 1: four thirty seconds, yield two point eight four percent, a 27 00:01:29,400 --> 00:01:32,200 Speaker 1: yield on the two year two point four eight percent. 28 00:01:32,840 --> 00:01:35,720 Speaker 1: Nimex crude oil is down a quarter percent, or twenty 29 00:01:35,760 --> 00:01:37,920 Speaker 1: seven cents at a hundred six dollars sixty eight cents 30 00:01:37,959 --> 00:01:40,720 Speaker 1: of barrel. Comex gold is at one point one percent, 31 00:01:40,840 --> 00:01:43,360 Speaker 1: or twenty one dollar sixty cents at nineteen ninety six 32 00:01:43,440 --> 00:01:46,080 Speaker 1: sixty announced. And again they yield on the ten year 33 00:01:46,160 --> 00:01:49,320 Speaker 1: treasury two point eight four percent. Nathan, all right, Karen, 34 00:01:49,360 --> 00:01:51,080 Speaker 1: we'll have more on the markets in a minute. First, 35 00:01:51,160 --> 00:01:53,640 Speaker 1: the latest on the war. The Russian military has the 36 00:01:53,680 --> 00:01:56,480 Speaker 1: ports city of Maripolese surrounded as it prepares for a 37 00:01:56,560 --> 00:01:59,640 Speaker 1: new offensive in the eastern don Boss region. Meantime, you 38 00:01:59,720 --> 00:02:02,000 Speaker 1: crate in officials say at least six people have been 39 00:02:02,120 --> 00:02:05,200 Speaker 1: killed in Russian strikes on Laviv. It's a western city 40 00:02:05,280 --> 00:02:07,760 Speaker 1: that's been a haven for people fleeing the war. We 41 00:02:07,840 --> 00:02:09,960 Speaker 1: get more in this report from Amy Morris in our 42 00:02:10,000 --> 00:02:17,799 Speaker 1: Bloomberg newsroom in Washington. In his daily address, Ukrainian President 43 00:02:17,880 --> 00:02:21,880 Speaker 1: vladimir's Olinsky reiterated his country's resolved to fight the Russian 44 00:02:21,960 --> 00:02:24,840 Speaker 1: forces in the don Bass region, saying that peace talks 45 00:02:24,880 --> 00:02:28,000 Speaker 1: with Russia have reached a dead end. Ukrainian Prime Minister 46 00:02:28,160 --> 00:02:31,960 Speaker 1: Dennis Jamail tells ABC's this week their forces remain ready 47 00:02:32,000 --> 00:02:35,639 Speaker 1: to defend Ukraine. Quote to the end. We still are 48 00:02:35,960 --> 00:02:39,880 Speaker 1: fighting and we have bottled in don Bas region right now, 49 00:02:40,040 --> 00:02:43,840 Speaker 1: but we do not U do not have intention to 50 00:02:44,240 --> 00:02:48,280 Speaker 1: s Meanwhile, Ukrainian officials will be in Washington for this 51 00:02:48,440 --> 00:02:51,760 Speaker 1: week's meetings of the International Monetary Fund and the World 52 00:02:51,840 --> 00:02:55,440 Speaker 1: Bank to look for financial support in Washington. I'm Amy Morris, 53 00:02:55,480 --> 00:02:59,800 Speaker 1: Bloomberg Daybreak, Amy, thank you. President Zelinski is urging their 54 00:02:59,800 --> 00:03:02,080 Speaker 1: prey is it into the United States to visit Kiev 55 00:03:02,160 --> 00:03:05,919 Speaker 1: and see the devastation for himself. Ukrainian Foreign Minister Dmitro 56 00:03:06,040 --> 00:03:09,000 Speaker 1: Kuleba says a meeting between the two leaders could pay 57 00:03:09,120 --> 00:03:11,400 Speaker 1: the way for new supplies and weapons, as well as 58 00:03:11,440 --> 00:03:15,320 Speaker 1: discussions on ending the war. We would be happy to 59 00:03:15,400 --> 00:03:18,560 Speaker 1: see him in our country and it would be an 60 00:03:18,600 --> 00:03:22,919 Speaker 1: important message of support to US and Foreign Minister kuleba 61 00:03:22,960 --> 00:03:25,519 Speaker 1: s book on CBS Space The Nation, heard Sundays on 62 00:03:25,600 --> 00:03:28,280 Speaker 1: Bloomberg Radio. White House sates have said they hope to 63 00:03:28,320 --> 00:03:30,760 Speaker 1: send a senior official to Ukraine in the coming days. 64 00:03:31,120 --> 00:03:33,519 Speaker 1: President Biden has said he wants to visit, but the 65 00:03:33,560 --> 00:03:36,720 Speaker 1: White House says neither he nor Vice President Harris will 66 00:03:36,800 --> 00:03:39,119 Speaker 1: make the trip. Well. The war in Ukraine is continuing 67 00:03:39,160 --> 00:03:41,960 Speaker 1: to have an impact on energy markets. Karen us natural 68 00:03:42,040 --> 00:03:45,240 Speaker 1: gas prices are trading at a thirteen year high this morning. 69 00:03:45,520 --> 00:03:49,440 Speaker 1: Suppliers are struggling to meet a post pandemic surgeon consumption. Well. 70 00:03:49,520 --> 00:03:52,760 Speaker 1: Turning to the economy now, Nathan J. Powell may reinforce 71 00:03:52,920 --> 00:03:55,200 Speaker 1: bets at the Federal Reserve or race interest rates by 72 00:03:55,280 --> 00:03:58,320 Speaker 1: fifty basis points next month. The Fed chair will speak 73 00:03:58,360 --> 00:04:00,880 Speaker 1: at two events on Thursday, including a panel hosted by 74 00:04:00,920 --> 00:04:04,000 Speaker 1: the International Monetary Fund, aheaded out the fan issues It's 75 00:04:04,000 --> 00:04:06,320 Speaker 1: Your Port Card in the US Economy. On Wednesday at 76 00:04:06,360 --> 00:04:11,000 Speaker 1: Bloomberg's Vinidale Judais reports the magnitude of upcoming interest rate 77 00:04:11,040 --> 00:04:14,600 Speaker 1: increases may well depend on the Fed's economic intelligence. The 78 00:04:14,680 --> 00:04:17,680 Speaker 1: Beige Book will provide fodder for next month's policy meeting. 79 00:04:18,040 --> 00:04:20,640 Speaker 1: Inflation is running at the fastest pace since the early 80 00:04:20,760 --> 00:04:24,400 Speaker 1: nineteen eighties, and the prior page book reported an elevated 81 00:04:24,520 --> 00:04:28,680 Speaker 1: degree of uncertainty. Also on this week's economic calendar, variety 82 00:04:28,800 --> 00:04:32,360 Speaker 1: figures on the property market, builder confidence, housing starts, and 83 00:04:32,480 --> 00:04:36,880 Speaker 1: existing home sales. Rising mortgage rates are an issue. Ni 84 00:04:37,000 --> 00:04:40,440 Speaker 1: Del Bloombergday Break. Alright, Vinnie, thank you know. History suggests 85 00:04:40,480 --> 00:04:43,360 Speaker 1: the Fed will face a difficult task in tightening monitary 86 00:04:43,440 --> 00:04:47,039 Speaker 1: policy enough to cool inflation without causing a recession. Let's 87 00:04:47,080 --> 00:04:49,839 Speaker 1: get more on that line from Bloomberg's Jnina Young. Good morning, Granita, 88 00:04:49,880 --> 00:04:53,000 Speaker 1: Good morning Nathan. There's about a thirty five risk of 89 00:04:53,040 --> 00:04:55,880 Speaker 1: a recession over the next two years. That's according to 90 00:04:55,960 --> 00:04:59,480 Speaker 1: Goldman Sex. Economists there say the fifth main challenge is 91 00:04:59,520 --> 00:05:02,160 Speaker 1: to reduce used the gap between jobs and workers and 92 00:05:02,279 --> 00:05:05,040 Speaker 1: slow wage growth to a pace consistent with its two 93 00:05:05,120 --> 00:05:07,920 Speaker 1: percent inflation goal. They say the FED would need to 94 00:05:08,000 --> 00:05:11,680 Speaker 1: do that by tightening financial conditions enough to reduce job 95 00:05:11,720 --> 00:05:15,839 Speaker 1: openings without sharply raising unemployment, but achieving a so called 96 00:05:15,920 --> 00:05:19,640 Speaker 1: soft landing may be tough. Historically, large declines in the 97 00:05:19,720 --> 00:05:22,880 Speaker 1: gap in the US have only occurred during recessions, and 98 00:05:22,960 --> 00:05:26,719 Speaker 1: Goldman's Chief Economists says the recession is not inevitable because 99 00:05:26,800 --> 00:05:30,080 Speaker 1: post COVID normalizations in labor supply and durable goods prices 100 00:05:30,279 --> 00:05:33,120 Speaker 1: will help the fit live in New York, I'm rened 101 00:05:33,160 --> 00:05:35,320 Speaker 1: a young Bloomberg day break al right, reneed to thank 102 00:05:35,360 --> 00:05:37,560 Speaker 1: you all. Turning to the equity markets, Much of Europe, 103 00:05:37,600 --> 00:05:40,320 Speaker 1: along with Australia and Hong Kong, remains shut for Easter, 104 00:05:40,520 --> 00:05:43,680 Speaker 1: but earnings remain in focus for nearly seventy companies in 105 00:05:43,760 --> 00:05:47,120 Speaker 1: the SNP five hundred reporting this week, as Bloomberg Channelly 106 00:05:47,160 --> 00:05:49,960 Speaker 1: Bosti reports, banks will once again be front and center 107 00:05:50,040 --> 00:05:53,600 Speaker 1: this morning as Bank of America reports earnings today. Investors 108 00:05:53,600 --> 00:05:55,679 Speaker 1: will keep an eye on whether or not interest income 109 00:05:55,760 --> 00:05:58,800 Speaker 1: will continue to rise as interest rates rise, or will 110 00:05:58,880 --> 00:06:02,640 Speaker 1: interest rates start to pack consumer demands for loans. Trading 111 00:06:02,760 --> 00:06:05,000 Speaker 1: has also held up that most of the major banks, 112 00:06:05,120 --> 00:06:08,280 Speaker 1: despite investor's fears of a major slowdown well Bank of 113 00:06:08,360 --> 00:06:11,520 Speaker 1: America also be able to keep steady and equities trading 114 00:06:11,560 --> 00:06:14,120 Speaker 1: and fixed income in commodities as some of the other 115 00:06:14,200 --> 00:06:17,560 Speaker 1: banks have started to benefit more than investors expected. In 116 00:06:17,680 --> 00:06:21,120 Speaker 1: New York, I'm Shnali Bassik Bloomberg Daybreak, All right, Shinali, 117 00:06:21,200 --> 00:06:23,679 Speaker 1: thank you. Shares of Twitter are higher in early trading. 118 00:06:23,800 --> 00:06:27,039 Speaker 1: Is the Elon Musk saga continues over the weekend, must 119 00:06:27,080 --> 00:06:30,120 Speaker 1: said the economic interests of Twitter's board are not aligned 120 00:06:30,160 --> 00:06:33,799 Speaker 1: with shareholders. Musk tweeted those comments after the social media 121 00:06:33,839 --> 00:06:37,080 Speaker 1: company took steps to ward off his takeover attempt. Well Nathan. 122 00:06:37,120 --> 00:06:39,360 Speaker 1: Shares of China's d D Global are down more than 123 00:06:39,440 --> 00:06:41,440 Speaker 1: twenty percent of the company said it will hold an 124 00:06:41,480 --> 00:06:44,720 Speaker 1: extraordinary general meeting next month to vote on delisting its 125 00:06:44,760 --> 00:06:47,240 Speaker 1: shares from the New York Stock Exchange. Is to sign 126 00:06:47,320 --> 00:06:50,000 Speaker 1: the right Handling Giant is heating Beijing's call to address 127 00:06:50,040 --> 00:06:53,159 Speaker 1: concerns about how it's data is handled abroad, and turning 128 00:06:53,200 --> 00:06:56,200 Speaker 1: to the pandemic Karen Shanghai has reported its first deaths 129 00:06:56,240 --> 00:06:59,119 Speaker 1: in the midst of China's biggest COVID flare up, tens 130 00:06:59,160 --> 00:07:02,400 Speaker 1: of millions of barred from leaving their homes. That's led 131 00:07:02,440 --> 00:07:06,080 Speaker 1: to criticism that China's zero COVID policy is inflicting too 132 00:07:06,160 --> 00:07:09,920 Speaker 1: heavy a social and economic toll SMP futures now down 133 00:07:09,960 --> 00:07:12,640 Speaker 1: twenty one points down, futures down ninety four danced deck 134 00:07:12,720 --> 00:07:16,679 Speaker 1: futures lower by points. Straight ahead, your latest local headlines 135 00:07:16,720 --> 00:07:23,560 Speaker 1: and a check of sports. This is Bloomberg six oh 136 00:07:23,680 --> 00:07:26,200 Speaker 1: seven on Wall Street where forty one degrees in Central Park. 137 00:07:26,240 --> 00:07:29,160 Speaker 1: We've gotta crash on the southbound Iconic by Peekskill Hollow Road. 138 00:07:29,240 --> 00:07:31,960 Speaker 1: Details coming up in Traffic First. Michael Barr with more 139 00:07:32,000 --> 00:07:34,200 Speaker 1: on what's going on in New York and around the world. Michael, 140 00:07:34,280 --> 00:07:36,560 Speaker 1: thank you very much. Nathan. New York City residents are 141 00:07:36,600 --> 00:07:40,480 Speaker 1: still recovering from the terrifying shooting of ten people inside 142 00:07:40,520 --> 00:07:44,000 Speaker 1: the New York City subway and a subsequent thirty man hunt. 143 00:07:44,440 --> 00:07:47,440 Speaker 1: It comes as many New Yorkers are sharing their fears 144 00:07:47,520 --> 00:07:50,920 Speaker 1: of rising crimes in the city. New York Mayor Eric 145 00:07:51,000 --> 00:07:55,120 Speaker 1: Adams says that people should stay vigilant when the encounter violence, 146 00:07:55,160 --> 00:07:57,360 Speaker 1: both on the street and on the web. I think 147 00:07:57,400 --> 00:08:02,360 Speaker 1: social media must step up. There's a corporate responsibility. When 148 00:08:02,400 --> 00:08:07,600 Speaker 1: we are watching hate brew online, we could identify using 149 00:08:07,720 --> 00:08:11,600 Speaker 1: artificial intelligence and other methods to identify those who are 150 00:08:11,800 --> 00:08:16,000 Speaker 1: talking about violence. New York City Police Commissioner Teaching Sewell 151 00:08:16,040 --> 00:08:18,440 Speaker 1: agrees with the Mayor Adams and praised the work of 152 00:08:18,520 --> 00:08:21,080 Speaker 1: the entire city last week. We had a number of 153 00:08:21,160 --> 00:08:23,360 Speaker 1: people looking for him, hundreds of detectors looking for him. 154 00:08:23,720 --> 00:08:25,880 Speaker 1: But I think one of the key factors also is 155 00:08:25,920 --> 00:08:28,360 Speaker 1: our false force multiplayer, which are the eyes and ears 156 00:08:28,400 --> 00:08:30,040 Speaker 1: of our incredible New Yorkers, and we were able to 157 00:08:30,080 --> 00:08:33,240 Speaker 1: bring him into custody. Commissioners Sewell and Mayor Adams spoke 158 00:08:33,320 --> 00:08:36,599 Speaker 1: on ABC's This Week, which can be heard Sundays on Bloomberg. 159 00:08:37,120 --> 00:08:40,559 Speaker 1: New Jersey officials are investigating a possible alarming link between 160 00:08:40,640 --> 00:08:44,160 Speaker 1: cases of brain cancer and students and staff at Colonia 161 00:08:44,280 --> 00:08:47,720 Speaker 1: High School in the town of Woodbridge. Spanning about three decades. 162 00:08:48,080 --> 00:08:51,000 Speaker 1: So far, a hundred five people have contracted brain tumors, 163 00:08:51,280 --> 00:08:55,680 Speaker 1: about half of them cancerous. Environmental engineers are now testing 164 00:08:55,720 --> 00:08:59,560 Speaker 1: the grounds for contamination. Dr Rief Kamal is the Chief 165 00:08:59,600 --> 00:09:03,320 Speaker 1: Patient officer for the American Cancer Society. To see any 166 00:09:03,400 --> 00:09:06,800 Speaker 1: number in the dozens in any particular area, even over 167 00:09:06,840 --> 00:09:10,240 Speaker 1: a period of twenty five years, is highly unusual and 168 00:09:10,559 --> 00:09:14,600 Speaker 1: requires some investigation. Dr Reef Kamal says the results are 169 00:09:14,640 --> 00:09:17,800 Speaker 1: expected at the end of the month. Philadelphia is bringing 170 00:09:17,840 --> 00:09:20,480 Speaker 1: back the indoor mask mandate today due to a rise 171 00:09:20,559 --> 00:09:24,240 Speaker 1: in COVID infections of the mandates are returning. Mask mandates 172 00:09:24,280 --> 00:09:28,000 Speaker 1: are returning today to the University of Connecticut. A man 173 00:09:28,120 --> 00:09:30,640 Speaker 1: hunt is underway for the gunman in another mass shooting, 174 00:09:30,760 --> 00:09:34,439 Speaker 1: this one claiming two teenage boys in Pittsburgh at the 175 00:09:34,480 --> 00:09:38,800 Speaker 1: crowded party in an Airbnb rented house. Eight others were wounded. 176 00:09:39,080 --> 00:09:42,040 Speaker 1: Police believe a fight led to the drawing of multiple weapons. 177 00:09:42,480 --> 00:09:45,160 Speaker 1: Global News twenty four hours a day on air and 178 00:09:45,400 --> 00:09:48,959 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 179 00:09:49,000 --> 00:09:51,839 Speaker 1: journalists and analysts more than a hundred twenty countries. Michael 180 00:09:51,880 --> 00:09:59,280 Speaker 1: var And this is Bloomberg Natham. Thanks Michael almost six 181 00:09:59,360 --> 00:10:01,679 Speaker 1: tent on Walster time for the Bloomberg Sports Update with 182 00:10:01,800 --> 00:10:04,000 Speaker 1: John Show. Thank Nathan. A lot of hype for this 183 00:10:04,120 --> 00:10:07,319 Speaker 1: first round playoff series that began in Boston. Game one 184 00:10:07,400 --> 00:10:10,520 Speaker 1: did not disappoint for excitement. The Nets went from down 185 00:10:10,679 --> 00:10:13,560 Speaker 1: fifteen to up five. They're up one when a Kevin 186 00:10:13,640 --> 00:10:16,439 Speaker 1: Durant miss led to the final possession. Here's how it 187 00:10:16,520 --> 00:10:21,760 Speaker 1: sounded w b Z in Boston not seconds ago. Taylor 188 00:10:21,840 --> 00:10:26,120 Speaker 1: turns the corner on Drucket eight seconds kick out. Let's 189 00:10:26,120 --> 00:10:30,559 Speaker 1: not smart, I'll pick find the cutter. Tatums up the 190 00:10:31,200 --> 00:10:38,439 Speaker 1: buser e's ober eber the Sunda one fifteen one fourteen. 191 00:10:38,559 --> 00:10:40,560 Speaker 1: Jayson Tatum played at all but three minutes, score thirty 192 00:10:40,559 --> 00:10:43,360 Speaker 1: one points. Kyrie Irving pored in thirty nine. He had 193 00:10:43,400 --> 00:10:46,000 Speaker 1: eighteen in the fourth quarter. Each shot he made seemingly 194 00:10:46,360 --> 00:10:49,000 Speaker 1: was harder than the last one. Durant held the twenty 195 00:10:49,040 --> 00:10:51,320 Speaker 1: three shots, just nine of twenty four. It's just an epic. 196 00:10:51,440 --> 00:10:54,079 Speaker 1: Game one and Game two is Wednesday in Boston. The 197 00:10:54,120 --> 00:10:57,720 Speaker 1: home teams all won. Miami easily over Atlanta, Milwaukee meet Chicago, 198 00:10:57,800 --> 00:11:00,240 Speaker 1: Phoenix beeat New Orleans. The Mets have now played three series. 199 00:11:00,280 --> 00:11:03,199 Speaker 1: They've won them all, five not being over Arizona City 200 00:11:03,240 --> 00:11:05,439 Speaker 1: field is David Peterston and four relievers helped the be 201 00:11:05,520 --> 00:11:07,120 Speaker 1: back to the five hits to run over for Peter 202 00:11:07,200 --> 00:11:09,600 Speaker 1: Lons always already got the fourteen RBIs to lead the league. 203 00:11:09,960 --> 00:11:13,320 Speaker 1: That tost the Giants. Tonight, Yankee bats again quiet in Baltimore. 204 00:11:13,400 --> 00:11:15,679 Speaker 1: The Oriols won five nothing, scoring all five in the 205 00:11:15,760 --> 00:11:18,760 Speaker 1: eighth inning Yanks that only four hits all singles. They 206 00:11:18,800 --> 00:11:22,480 Speaker 1: struck out ten times in two losses. Of the lowly Oriols, 207 00:11:22,520 --> 00:11:25,640 Speaker 1: they scored one run in twenty in It's Golf at 208 00:11:25,679 --> 00:11:28,280 Speaker 1: Hilton had Jordan speed at along late bunker shot with 209 00:11:28,360 --> 00:11:30,040 Speaker 1: an inches of the whole, not ting him to a playoff. 210 00:11:30,280 --> 00:11:33,440 Speaker 1: Smith won the playoff over Patrick Camley, John stashually were 211 00:11:33,480 --> 00:11:36,840 Speaker 1: Bloomberg Sports Snathan Okay, John, thanks right now. SMP futures 212 00:11:36,840 --> 00:11:40,679 Speaker 1: are down twenty points, Stown futures down ninety, NASTAC futures 213 00:11:40,800 --> 00:11:44,599 Speaker 1: down eighty six. Most European markets are closed for this 214 00:11:44,880 --> 00:11:48,560 Speaker 1: day after Easter ten. Your treasury is down five thirty seconds. 215 00:11:48,600 --> 00:11:51,080 Speaker 1: The yield two point four percent, yield on the two 216 00:11:51,200 --> 00:11:54,959 Speaker 1: year two point four six percent. The very latest on 217 00:11:55,120 --> 00:11:58,120 Speaker 1: the war in Ukraine will be checking in next with 218 00:11:58,480 --> 00:12:03,000 Speaker 1: Bloomberg Exact Getive editor for International Fairs Rosalind Matheson. This 219 00:12:03,360 --> 00:12:09,280 Speaker 1: is Bloomberg Bloomberg eleven three or whether we got frost wire, 220 00:12:09,360 --> 00:12:12,080 Speaker 1: friseries and freeze warnings for the Northwest suburbs and parts 221 00:12:12,120 --> 00:12:16,040 Speaker 1: of Long Island mid fifties today. Sunshine returns tomorrow will 222 00:12:16,040 --> 00:12:18,160 Speaker 1: be in the mid fifties then as well, currently forty 223 00:12:18,240 --> 00:12:26,280 Speaker 1: one in Central Park markets. Headlines and breaking news twenty 224 00:12:26,320 --> 00:12:29,120 Speaker 1: four hours a day at Bloomberg dot com Blo Bloomberg 225 00:12:29,200 --> 00:12:33,200 Speaker 1: Business Out and at Bloomberg Quicktape, She's a Bloomberg Business 226 00:12:33,280 --> 00:12:42,200 Speaker 1: Flash and I'm Karen Moscow US Knock Index futures are 227 00:12:42,320 --> 00:12:45,240 Speaker 1: lower and treasury yields are rising as investors way the 228 00:12:45,320 --> 00:12:48,640 Speaker 1: prospects of faster policy tiening by the Fed. We checked 229 00:12:48,640 --> 00:12:51,280 Speaker 1: the markets every fifteen minutes throughout the trading day on 230 00:12:51,400 --> 00:12:54,040 Speaker 1: Bloomberg s and P futures down twenty one point and 231 00:12:54,120 --> 00:12:57,679 Speaker 1: down futures down ninety five. Nasday futures down eight ten, 232 00:12:57,760 --> 00:13:00,240 Speaker 1: Your treasury down five thirties seconds. You're two point eight 233 00:13:00,280 --> 00:13:02,400 Speaker 1: four percent. The yield on a two year two point 234 00:13:02,440 --> 00:13:05,880 Speaker 1: four seven percent. NIMEX screwed oils down a quarter percent 235 00:13:06,040 --> 00:13:08,120 Speaker 1: or twenty six cents and a hundred six dollars sixty 236 00:13:08,200 --> 00:13:10,719 Speaker 1: nine cents of barrel COMEXS Gold is up one point 237 00:13:10,800 --> 00:13:14,920 Speaker 1: one percent or twenty one dollars announced. The euro one 238 00:13:15,000 --> 00:13:17,440 Speaker 1: point oh seven nine four against the dollar, British found 239 00:13:17,480 --> 00:13:19,840 Speaker 1: one point three zero one one and again is at 240 00:13:19,880 --> 00:13:23,280 Speaker 1: one twenty six point six one Bitcoin down three point 241 00:13:23,320 --> 00:13:26,120 Speaker 1: two percent at thirty eight thousand, nine hundred eighty dollars. 242 00:13:26,240 --> 00:13:28,599 Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with 243 00:13:28,720 --> 00:13:31,240 Speaker 1: more on what's going on around the world. Michael Karn. 244 00:13:31,400 --> 00:13:35,200 Speaker 1: Ukrainian officials say Russian missile strikes on the western Ukrainian 245 00:13:35,240 --> 00:13:39,079 Speaker 1: city of Leviv have killed six people. Lviv's regional governors 246 00:13:39,120 --> 00:13:43,040 Speaker 1: said there were four strikes today. US Treasury officials blame 247 00:13:43,120 --> 00:13:45,800 Speaker 1: the i r s IS outsized number of audits on 248 00:13:45,920 --> 00:13:50,600 Speaker 1: low income households on severe underfunding of the agency by Congress. 249 00:13:50,960 --> 00:13:54,240 Speaker 1: They were responding to a study from Syracuse University showing 250 00:13:54,280 --> 00:13:57,880 Speaker 1: households making less than twenty five thousand dollars were almost 251 00:13:57,920 --> 00:14:00,480 Speaker 1: three times as likely to get audited into Acts AR 252 00:14:01,200 --> 00:14:05,000 Speaker 1: one and those making two hundred thousand to a million dollars. Meanwhile, 253 00:14:05,040 --> 00:14:07,560 Speaker 1: don't forget for most of us, today is the tax 254 00:14:07,640 --> 00:14:10,959 Speaker 1: deadline unless you file for an extension. Game one of 255 00:14:11,080 --> 00:14:14,320 Speaker 1: their NBA playoff series, the Celtics beat the Nets one 256 00:14:14,440 --> 00:14:18,560 Speaker 1: fifteen one fourteen in the NHL. The Islanders lost Global 257 00:14:18,640 --> 00:14:21,080 Speaker 1: News twenty four hours a day on air and on 258 00:14:21,160 --> 00:14:24,920 Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists 259 00:14:24,960 --> 00:14:28,200 Speaker 1: analyist in more than a hundred twenty countries. That Michael Barr, 260 00:14:28,240 --> 00:14:31,160 Speaker 1: and this is Bloomberg. Nathan Okay, Michael. Thanks at six 261 00:14:31,360 --> 00:14:34,920 Speaker 1: nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. 262 00:14:35,040 --> 00:14:37,920 Speaker 1: This is Bloomberg day Break. Let's get more now on 263 00:14:38,080 --> 00:14:40,480 Speaker 1: what's happening in the war in Ukraine. We're joined live 264 00:14:40,560 --> 00:14:43,960 Speaker 1: once again by Bloomberg News Executive editor for International Government 265 00:14:44,360 --> 00:14:47,880 Speaker 1: Rosalind Matheson. Ros. Good morning, Michael Barr. Just mentioned in 266 00:14:48,000 --> 00:14:51,200 Speaker 1: the news reports of Russian missile strikes on the western 267 00:14:51,520 --> 00:14:55,560 Speaker 1: city of Leviv. This is just about fifty miles from 268 00:14:55,600 --> 00:14:58,360 Speaker 1: the Polish border. What does this say about where the 269 00:14:58,400 --> 00:15:01,800 Speaker 1: war is going? Is Russia becoming more indiscriminated or is 270 00:15:01,880 --> 00:15:05,280 Speaker 1: this a strategy potentially? Well, that's right. We had a 271 00:15:05,320 --> 00:15:07,400 Speaker 1: bit of a pause in some of the missile attacks 272 00:15:07,440 --> 00:15:10,120 Speaker 1: in the far western part of Ukraine, which is, as 273 00:15:10,200 --> 00:15:12,440 Speaker 1: you say, very close to the Polish border, but a 274 00:15:12,560 --> 00:15:15,880 Speaker 1: resumption in the last forty eight hours of missile attacks 275 00:15:16,000 --> 00:15:18,960 Speaker 1: in and around the Viev and also renewed missile and 276 00:15:19,160 --> 00:15:23,320 Speaker 1: bombing attempts in and around so the greater Kyev area 277 00:15:23,560 --> 00:15:25,280 Speaker 1: and it seems like they're doing two things with that. 278 00:15:25,400 --> 00:15:28,960 Speaker 1: One is all trying to target infrastructure, particularly to weaken 279 00:15:29,000 --> 00:15:31,360 Speaker 1: sort of access to field depots and so on be 280 00:15:31,480 --> 00:15:34,200 Speaker 1: the Ukrainian military, and it's possibly also just a symbolic 281 00:15:34,280 --> 00:15:37,000 Speaker 1: thing to remind the Ukrainian people of the reach of 282 00:15:37,040 --> 00:15:40,440 Speaker 1: the Russian military across the breadth of Ukraine. And that's 283 00:15:40,480 --> 00:15:44,320 Speaker 1: after the Russians, of course have suffered severe setbacks in 284 00:15:44,400 --> 00:15:46,800 Speaker 1: the northern part of Ukraine, and then of course most 285 00:15:46,840 --> 00:15:50,440 Speaker 1: recently with the loss of the flagsheep black flagship black 286 00:15:50,480 --> 00:15:55,200 Speaker 1: Feet carrier the Moscow, which I sank last week, perhaps 287 00:15:55,320 --> 00:15:57,360 Speaker 1: just to sort of to say to the Ukrainian people, 288 00:15:57,520 --> 00:16:01,080 Speaker 1: even though we're concentrating our campaign in the eastern part 289 00:16:01,360 --> 00:16:03,640 Speaker 1: of Ukraine, if we want to, we can still reach 290 00:16:03,720 --> 00:16:08,400 Speaker 1: you anywhere. And we're also hearing and seeing the reports 291 00:16:08,520 --> 00:16:11,800 Speaker 1: of continued bombardment in the port city of Mariopol. We 292 00:16:11,920 --> 00:16:14,920 Speaker 1: heard over the weekend from a number of Ukrainian officials 293 00:16:15,400 --> 00:16:19,280 Speaker 1: saying that the city is all but destroyed. What could 294 00:16:19,360 --> 00:16:22,960 Speaker 1: that mean for where this war goes from here? Well, 295 00:16:23,000 --> 00:16:25,560 Speaker 1: that's right. The city has been basically on its knees 296 00:16:25,720 --> 00:16:28,880 Speaker 1: for weeks and now fully encircled by Russian troops and 297 00:16:29,040 --> 00:16:32,480 Speaker 1: yet hanging on are still not fall into completely into 298 00:16:32,600 --> 00:16:35,680 Speaker 1: Russian control, and in victory there for Moscow would be 299 00:16:35,760 --> 00:16:39,200 Speaker 1: a big one for Lami Putin in his war so far. 300 00:16:39,280 --> 00:16:41,200 Speaker 1: It would be the biggest city by far that they've 301 00:16:41,280 --> 00:16:44,240 Speaker 1: captured it. It's a major port city in the east, 302 00:16:44,320 --> 00:16:46,440 Speaker 1: and we give them a base there to really launch 303 00:16:46,720 --> 00:16:50,000 Speaker 1: their Dombas offensive more broadly, and would give them access 304 00:16:50,080 --> 00:16:52,960 Speaker 1: to some big ports they can control some of the grain, 305 00:16:53,040 --> 00:16:55,400 Speaker 1: create trade and so on, and really it would be 306 00:16:55,520 --> 00:16:57,720 Speaker 1: symbolic at this point as well, on top of all 307 00:16:57,760 --> 00:17:00,400 Speaker 1: the losses that they've suffered at the run. It's a 308 00:17:00,520 --> 00:17:03,400 Speaker 1: huge one if they can actually gain control of that city. 309 00:17:03,480 --> 00:17:05,800 Speaker 1: But as you can see, Ukrainian troops have been holding 310 00:17:05,880 --> 00:17:08,960 Speaker 1: on and fiercely resisting uh and at some point that 311 00:17:09,040 --> 00:17:11,240 Speaker 1: it's probably just a matter of time before that city 312 00:17:11,280 --> 00:17:14,119 Speaker 1: does fall. And they have been reporting as well that 313 00:17:14,280 --> 00:17:18,200 Speaker 1: the Russians haven't taken any major cities even nearly two 314 00:17:18,320 --> 00:17:23,000 Speaker 1: months into this war. Is the sense that the concentration 315 00:17:23,520 --> 00:17:26,359 Speaker 1: by the Russian forces is going to remain in the 316 00:17:26,400 --> 00:17:29,880 Speaker 1: eastern Donbas region and in the port city of Marapole 317 00:17:30,080 --> 00:17:33,359 Speaker 1: or is there still a concern that Russia could still 318 00:17:33,760 --> 00:17:37,080 Speaker 1: try to take over all of the country, even with 319 00:17:37,320 --> 00:17:40,960 Speaker 1: all the losses that they've suffered. At this point, I 320 00:17:41,119 --> 00:17:44,040 Speaker 1: take over the whole country seems very difficult because, of course, 321 00:17:44,080 --> 00:17:46,920 Speaker 1: even the western part of Ukraine is particularly European. You 322 00:17:47,000 --> 00:17:49,960 Speaker 1: could argue in certain parts of the East that there 323 00:17:50,000 --> 00:17:52,600 Speaker 1: are sort of a strong sentiment still is sort of 324 00:17:52,680 --> 00:17:56,320 Speaker 1: somewhat support for Russia in Dombas and elsewhere. So full 325 00:17:56,400 --> 00:17:58,679 Speaker 1: take I will be difficult none at least because Russian 326 00:17:58,720 --> 00:18:02,640 Speaker 1: troops have been so deplete it that reinforcement still would 327 00:18:02,680 --> 00:18:04,960 Speaker 1: need to come. And they probably need to get a 328 00:18:05,080 --> 00:18:07,639 Speaker 1: victory at least initially for the Russian president in the 329 00:18:07,760 --> 00:18:09,919 Speaker 1: East in the next couple of weeks, and they run 330 00:18:10,000 --> 00:18:12,120 Speaker 1: up to May nine, which is their anniversary of their 331 00:18:12,200 --> 00:18:14,800 Speaker 1: victory day, and world will twosa he's got something to 332 00:18:14,840 --> 00:18:16,840 Speaker 1: show for it, So it's probably best if they really 333 00:18:16,920 --> 00:18:19,960 Speaker 1: focus their efforts there and then regroup after that. But 334 00:18:20,040 --> 00:18:22,000 Speaker 1: at this point it's it's it's hard to see how 335 00:18:22,040 --> 00:18:24,399 Speaker 1: they can extend much further beyond the areas in the 336 00:18:24,480 --> 00:18:26,520 Speaker 1: east and the southeast that they seek to control. As 337 00:18:26,560 --> 00:18:29,520 Speaker 1: an initial step, yeah, we are looking to May nine 338 00:18:29,680 --> 00:18:32,680 Speaker 1: as a potential pivot point in this war rise in 339 00:18:32,760 --> 00:18:36,359 Speaker 1: our last minute here, where could things be going in 340 00:18:36,560 --> 00:18:40,840 Speaker 1: terms of negotiations? Obviously we've heard from both leaders saying 341 00:18:40,840 --> 00:18:43,760 Speaker 1: that negotiations are at a dead end. Here is there 342 00:18:43,800 --> 00:18:46,879 Speaker 1: anything happening behind the scenes that our teams have been 343 00:18:46,960 --> 00:18:52,720 Speaker 1: reporting in terms of talks between Russia and Ukraine. We 344 00:18:52,840 --> 00:18:54,920 Speaker 1: do know that the video talks have been going on 345 00:18:55,040 --> 00:18:58,480 Speaker 1: regardless as have been a more negotiator level than anything 346 00:18:58,560 --> 00:19:02,040 Speaker 1: too serious. But we also that the Russian billionaire Roman 347 00:19:02,119 --> 00:19:05,720 Speaker 1: Abramovich has been in Ukraine and he's been something of 348 00:19:05,760 --> 00:19:08,960 Speaker 1: a mediator, self styed mid stealth style mediator perhaps so 349 00:19:09,080 --> 00:19:12,320 Speaker 1: far in this conflict, but certainly attempting to sort of 350 00:19:12,760 --> 00:19:15,880 Speaker 1: support greater talks between Russian and Ukraine. And he's been 351 00:19:15,920 --> 00:19:18,560 Speaker 1: back in Ukraine again the past few days, which is 352 00:19:18,600 --> 00:19:20,600 Speaker 1: perhaps just a glimmer of hope that that that we 353 00:19:20,720 --> 00:19:22,879 Speaker 1: might get to a point where we can get to 354 00:19:23,040 --> 00:19:25,160 Speaker 1: the table again, at least at the foreign minister level 355 00:19:25,280 --> 00:19:28,480 Speaker 1: sometimes seen but certainly really big obstacles to a fully 356 00:19:28,480 --> 00:19:32,399 Speaker 1: fledged peace agreement happening anytime soon. Thanks as always, ros 357 00:19:32,560 --> 00:19:35,040 Speaker 1: good having you on with us. Roslyn Mathis and Executive 358 00:19:35,119 --> 00:19:39,320 Speaker 1: editor for International Government for Bloomberg News. SFP futures right 359 00:19:39,359 --> 00:19:42,320 Speaker 1: now down twenty points down, futures down ninety three, Dancedack 360 00:19:42,400 --> 00:19:45,960 Speaker 1: futures down eighty six points, and the tenure Treasury is 361 00:19:46,000 --> 00:19:49,760 Speaker 1: down five thirty seconds yield two point eight four percent. 362 00:19:50,280 --> 00:19:53,720 Speaker 1: Just ahead, pressure on President Biden to visit Ukraine, and 363 00:19:54,000 --> 00:19:57,720 Speaker 1: Bank of America wraps up big bank earnings. Five things 364 00:19:57,760 --> 00:19:59,840 Speaker 1: you need to know to start your day Just to 365 00:20:00,040 --> 00:20:08,520 Speaker 1: head on Bloomberg Day Brain Bloomberg eleven three oh weather 366 00:20:08,560 --> 00:20:11,440 Speaker 1: frost advisors and freeze warnings for the far Northwest suburbs 367 00:20:11,480 --> 00:20:14,240 Speaker 1: and parts of Long Island will have a late rain 368 00:20:14,359 --> 00:20:17,600 Speaker 1: possible with highs in the mid fifties. Sunshine returns tomorrow 369 00:20:17,800 --> 00:20:23,879 Speaker 1: Right now forty one in Central Park, broadcasting live from 370 00:20:23,960 --> 00:20:27,720 Speaker 1: the Bloomberg Interacted Broker's studio in New York. Bloomberg E 371 00:20:27,840 --> 00:20:31,040 Speaker 1: Looming Freedom to Washington, d C, Bloomberg ninety nine one 372 00:20:31,200 --> 00:20:34,400 Speaker 1: to Boston, Bloomberg What Old six one to San Francisco, 373 00:20:34,480 --> 00:20:37,919 Speaker 1: Bloomberg n sixt to the Country, Sirius XM Gento one 374 00:20:38,040 --> 00:20:41,119 Speaker 1: nineteen and around the globe, The Bloomberg Business APT and 375 00:20:41,200 --> 00:20:50,800 Speaker 1: Bloomberg Radio dot Com This is Bloomberg Daybreak mid sixty 376 00:20:50,840 --> 00:20:53,320 Speaker 1: on Wall Street. Good morning, I'm Nathan Hagar and I'm 377 00:20:53,400 --> 00:20:56,040 Speaker 1: Karen Moscow. We are about three hours away from the 378 00:20:56,080 --> 00:20:58,200 Speaker 1: open of US trading. It's time for the five things 379 00:20:58,240 --> 00:21:00,200 Speaker 1: you need to notice start your day. Brought to you 380 00:21:00,359 --> 00:21:03,800 Speaker 1: buy Interactive Brokers Global Analysts. It helps you find you 381 00:21:03,880 --> 00:21:08,600 Speaker 1: global investment opportunities to diversify your portfolio and discover undervalued 382 00:21:08,640 --> 00:21:11,320 Speaker 1: companies that may have greater growth potential. Try i v 383 00:21:11,440 --> 00:21:14,679 Speaker 1: k R Global Analysts today at ibkr dot com slash 384 00:21:14,760 --> 00:21:18,800 Speaker 1: g at First. The war in Ukraine. Russian forces have 385 00:21:18,960 --> 00:21:22,359 Speaker 1: encircled the port city of Mariopol, but defenders have yet 386 00:21:22,400 --> 00:21:26,040 Speaker 1: to surrender. Ukrainian President Vladimir z Lenski says talks to 387 00:21:26,080 --> 00:21:28,600 Speaker 1: the Russian president Vladimir Putin are at a dead end, 388 00:21:28,840 --> 00:21:31,160 Speaker 1: and tell CNN he hopes for a visit from US 389 00:21:31,200 --> 00:21:37,240 Speaker 1: President Joe Biden. I think and I think he's it's 390 00:21:37,320 --> 00:21:42,240 Speaker 1: his decision, of course, and and about the safety situation depends. 391 00:21:42,680 --> 00:21:46,040 Speaker 1: Ukrainian President vladimir's Lenski wants Boughten to visit, but m 392 00:21:46,160 --> 00:21:48,840 Speaker 1: House Press Secretary Jen Saki says not if the president 393 00:21:48,920 --> 00:21:51,639 Speaker 1: nor Vice President Kamala Harris will make the trip I 394 00:21:51,720 --> 00:21:55,040 Speaker 1: meantime in Washington, Karen. Federal Reserve Chair Jerome Palace set 395 00:21:55,119 --> 00:21:57,240 Speaker 1: to speak Thursday out of the U S Central Banks 396 00:21:57,359 --> 00:22:00,800 Speaker 1: quiet period. He may reinforce sentiment the federals interest rates 397 00:22:00,880 --> 00:22:03,640 Speaker 1: by a half percentage point next month. The Fed's next 398 00:22:03,720 --> 00:22:07,119 Speaker 1: meeting begins May three, well as the Federal Reserved titans 399 00:22:07,160 --> 00:22:10,760 Speaker 1: monetary policy. Nathan one major Bank says there's more than 400 00:22:10,800 --> 00:22:13,640 Speaker 1: a one in three chance the US will enter a recession, 401 00:22:13,680 --> 00:22:16,320 Speaker 1: and again more alive from Bloomberg's renied to Young, Good 402 00:22:16,359 --> 00:22:19,040 Speaker 1: Morning Nida, Good morning Karen, there's about a thirty five 403 00:22:19,160 --> 00:22:21,760 Speaker 1: percent risk of a recession over the next two years. 404 00:22:22,080 --> 00:22:25,480 Speaker 1: That's according to Goldman Sex. Economists there say the Fed's 405 00:22:25,560 --> 00:22:28,440 Speaker 1: main challenge is to reduce the gap between jobs and 406 00:22:28,520 --> 00:22:31,480 Speaker 1: workers and slow wage growth to a pace consistent with 407 00:22:31,600 --> 00:22:34,520 Speaker 1: its two percent inflation goal. They say the FED would 408 00:22:34,560 --> 00:22:37,440 Speaker 1: need to do that by tightening financial conditions enough to 409 00:22:37,600 --> 00:22:42,119 Speaker 1: reduce job openings without sharply raising unemployment, but achieving a 410 00:22:42,200 --> 00:22:45,880 Speaker 1: so called soft landing may be tough. Historically, large declines 411 00:22:45,920 --> 00:22:49,040 Speaker 1: in the gap in the US have only occurred during recessions, 412 00:22:49,359 --> 00:22:52,840 Speaker 1: and Goldman's chief economists says the recession is not inevitable 413 00:22:53,119 --> 00:22:56,480 Speaker 1: because post COVID normalizations in labor supply and endurable goods 414 00:22:56,520 --> 00:22:59,560 Speaker 1: prices will help the Fed. Live in New York, I'm 415 00:22:59,600 --> 00:23:01,679 Speaker 1: reneed a young Bloombirth day break. All right, we need 416 00:23:01,720 --> 00:23:03,640 Speaker 1: a thanks. Turning to Wall Street, it's a busy week 417 00:23:03,680 --> 00:23:06,160 Speaker 1: of earnings. Bank of America leads the way as nearly 418 00:23:06,280 --> 00:23:09,879 Speaker 1: seventy companies in the SNP five report this week, and 419 00:23:09,960 --> 00:23:13,040 Speaker 1: Equity Marcus in much of Europe, along with Australia and 420 00:23:13,160 --> 00:23:16,320 Speaker 1: Hong Kong remains shot. For Eastern Nathan Natural Gas search 421 00:23:16,400 --> 00:23:18,919 Speaker 1: to a thirteen year high, raising concerns about a global 422 00:23:19,000 --> 00:23:23,119 Speaker 1: fuel crunch and long term inflation. Oil reversed earlier gains. 423 00:23:23,200 --> 00:23:24,960 Speaker 1: And that's the five things you need to know to 424 00:23:25,040 --> 00:23:28,560 Speaker 1: start your day, brought to you by Interactive Brokers and 425 00:23:28,680 --> 00:23:32,600 Speaker 1: straight Ahead your latest local headlines, plus a check of sports. 426 00:23:33,080 --> 00:23:40,200 Speaker 1: And this is Bloomberg. Thanks Karen sixty three On Wall Street, 427 00:23:40,200 --> 00:23:42,560 Speaker 1: forty two degrees in Central Park, we have an accident 428 00:23:42,680 --> 00:23:44,960 Speaker 1: on the inbound lower level of the fifty ninth Street 429 00:23:45,000 --> 00:23:46,639 Speaker 1: bridge that Peter Van will tell you about in just 430 00:23:46,680 --> 00:23:48,840 Speaker 1: a few minutes. First, Michael Barr with more on what's 431 00:23:48,840 --> 00:23:51,680 Speaker 1: going on in New York and around the world. Good morning, Michael, 432 00:23:51,800 --> 00:23:54,960 Speaker 1: Good morning Nathan. Many New Yorkers are sharing their fears 433 00:23:54,960 --> 00:23:58,520 Speaker 1: about crime after last week's terrifying shooting of ten people 434 00:23:58,600 --> 00:24:01,879 Speaker 1: inside the New York Cities subway and a subsequent thirty 435 00:24:01,960 --> 00:24:06,000 Speaker 1: hour manhunt. New York City Police Commissioner Teaching Sewells says 436 00:24:06,240 --> 00:24:09,399 Speaker 1: that after the subway shooting, the NYPD will be putting 437 00:24:09,400 --> 00:24:12,400 Speaker 1: a new emphasis on building greater ties with the community. 438 00:24:12,680 --> 00:24:15,639 Speaker 1: We keep saying that public safety has shared responsibility. This 439 00:24:15,800 --> 00:24:19,080 Speaker 1: recent case illustrates just that, and everyone came together. So 440 00:24:19,200 --> 00:24:21,479 Speaker 1: we need to build strength in our communities with the police. 441 00:24:22,119 --> 00:24:25,240 Speaker 1: Mayor Eric Adams agrees with Commissioners Sewell and says crime 442 00:24:25,320 --> 00:24:28,480 Speaker 1: is hurting big cities all across America. Now, I say, 443 00:24:28,520 --> 00:24:30,639 Speaker 1: over and over again, there are many rivers that feed 444 00:24:31,119 --> 00:24:34,119 Speaker 1: the sea of violence. This is a national issue. That's 445 00:24:34,160 --> 00:24:36,879 Speaker 1: not a rest state. Blue state and fat rest states 446 00:24:37,320 --> 00:24:41,840 Speaker 1: experienced a higher murder murder rate then Blue states. Mayor 447 00:24:41,880 --> 00:24:45,080 Speaker 1: Adams and Commissioners Sewell spoke on ABC's This Week We 448 00:24:45,200 --> 00:24:48,680 Speaker 1: Can be Heard Sundays on Bloomberg. Two teams are dead 449 00:24:48,840 --> 00:24:51,119 Speaker 1: and eight other people are wounded after a shooting an 450 00:24:51,160 --> 00:24:53,840 Speaker 1: house party in Pittsburgh. Police say it happened at a 451 00:24:53,880 --> 00:24:57,520 Speaker 1: rented Airbnb. Investigators say they were roughly two hundred people 452 00:24:57,600 --> 00:25:00,840 Speaker 1: inside the home when the gunfire erupted. Police are still 453 00:25:00,880 --> 00:25:04,119 Speaker 1: looking for the shooter. New Jersey officials in Woodbridge are 454 00:25:04,160 --> 00:25:08,160 Speaker 1: investigating a possible alarming link between cases of brain cancer 455 00:25:08,280 --> 00:25:11,320 Speaker 1: and students and staff at Colonia High School. In the 456 00:25:11,359 --> 00:25:15,040 Speaker 1: past three decades, one people have contracted brain tumors, about 457 00:25:15,040 --> 00:25:18,480 Speaker 1: half of them cancerous. Environmental engineers are now testing the 458 00:25:18,600 --> 00:25:22,440 Speaker 1: grounds for contamination. Doctor a Reef Kamal is the Chief 459 00:25:22,480 --> 00:25:26,400 Speaker 1: Patient Officer for the American Cancer Society. I'm pretty concerned, 460 00:25:26,400 --> 00:25:29,040 Speaker 1: and if I were a parent or a community member, 461 00:25:29,119 --> 00:25:31,119 Speaker 1: I would want to know a little bit more about 462 00:25:31,160 --> 00:25:35,640 Speaker 1: what's happening. Brain tumors are relatively rare. Dr Kamal says 463 00:25:35,720 --> 00:25:38,040 Speaker 1: the results are expected at the end of the month. 464 00:25:38,400 --> 00:25:42,280 Speaker 1: Philadelphia is bringing back mask mandates today. It comes as 465 00:25:42,440 --> 00:25:45,119 Speaker 1: there's a steady increase in cases for the b a 466 00:25:45,240 --> 00:25:48,879 Speaker 1: T subvariant of COVID nineteen noted in many states. White 467 00:25:48,960 --> 00:25:53,760 Speaker 1: House COVID nineteen Response Coordinator Dr ashi's Jah says, just 468 00:25:53,960 --> 00:25:56,200 Speaker 1: because this strain appears to be minor doesn't mean the 469 00:25:56,280 --> 00:25:59,359 Speaker 1: threat from COVID as a whole disappears. The pandemic is 470 00:25:59,400 --> 00:26:02,280 Speaker 1: not over as much as we all wish it were. Um, 471 00:26:02,359 --> 00:26:04,320 Speaker 1: we've were in much much better shape than we were, 472 00:26:04,440 --> 00:26:07,359 Speaker 1: but we've got to keep plugging away. Dr John spoke 473 00:26:07,440 --> 00:26:09,680 Speaker 1: on ABC's This Week, which can't be here at Sundays 474 00:26:09,680 --> 00:26:12,480 Speaker 1: on Bloomberg Global News twenty four hours a day on 475 00:26:12,640 --> 00:26:16,080 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 476 00:26:16,160 --> 00:26:19,160 Speaker 1: seven under journalist and analysts more than a d twenty countries. 477 00:26:19,560 --> 00:26:22,080 Speaker 1: Michael Barrn, this is Bloomberg. Nathan. All right, Michael, thank you. 478 00:26:26,800 --> 00:26:28,960 Speaker 1: Almost six thirty six on Wall Street time for the 479 00:26:29,000 --> 00:26:32,520 Speaker 1: Bloomberg Sports Update with John says, Thanks Nathan, it's only 480 00:26:32,560 --> 00:26:34,399 Speaker 1: game one, it's only a first round series. You had 481 00:26:34,440 --> 00:26:37,600 Speaker 1: a classic yesterday in Boston between the Celtics and Nets, 482 00:26:37,640 --> 00:26:39,280 Speaker 1: a taste of what could be a long series. The 483 00:26:39,320 --> 00:26:41,119 Speaker 1: Celtics were up fifteen and the third quarter, and then 484 00:26:41,160 --> 00:26:43,600 Speaker 1: the Nets went up by five and the fourth Boston 485 00:26:43,640 --> 00:26:47,000 Speaker 1: pulled it out one fourteen on a Jason Tatum lay 486 00:26:47,080 --> 00:26:49,600 Speaker 1: up at the buzz or you set up a Marcus 487 00:26:49,680 --> 00:26:52,400 Speaker 1: smart pass and Tatum able to twist away from Kyrie Irving, 488 00:26:52,440 --> 00:26:54,960 Speaker 1: who in defeat, put on a show for the Nets 489 00:26:55,000 --> 00:26:57,840 Speaker 1: in the fourth quarter eighteen fourth quarter points, many of 490 00:26:57,920 --> 00:27:03,160 Speaker 1: Kyrie shots with a high degree of difficulty the playoffs, 491 00:27:03,200 --> 00:27:05,400 Speaker 1: So there there's a level of efficiency that you want 492 00:27:05,440 --> 00:27:08,840 Speaker 1: to have throughout the possessions that you're able to play 493 00:27:09,280 --> 00:27:12,440 Speaker 1: uh in a game like this. So I was just 494 00:27:12,560 --> 00:27:14,560 Speaker 1: really zeroed in on what the mission was, what the 495 00:27:14,640 --> 00:27:17,560 Speaker 1: goal was, and it was just to play our best basketball, 496 00:27:17,760 --> 00:27:20,760 Speaker 1: weather the storm, deal with the ups and downs. Know 497 00:27:20,800 --> 00:27:22,680 Speaker 1: that they're gonna make runs. We're gonna make run every 498 00:27:22,800 --> 00:27:25,199 Speaker 1: finished with thirty nine the Excel. They heard it from 499 00:27:25,280 --> 00:27:28,960 Speaker 1: Boston fans and he responded a couple of middle finger salutes. 500 00:27:29,000 --> 00:27:31,800 Speaker 1: Game too Wednesday in Boston, the Mets won five nothing 501 00:27:31,840 --> 00:27:34,520 Speaker 1: while the Yankees lost five nothing. Mets in Diamondbacks scoreless 502 00:27:34,600 --> 00:27:36,400 Speaker 1: until the sixth day. The Mets one of the combined 503 00:27:36,880 --> 00:27:38,760 Speaker 1: five hits shutout and they're off to a seven and 504 00:27:38,880 --> 00:27:42,040 Speaker 1: three start. Yankees and Orioles scoreless until the eighth nester 505 00:27:42,200 --> 00:27:44,560 Speaker 1: Cortes terrific on the mountain for the yankt struck out 506 00:27:44,600 --> 00:27:47,480 Speaker 1: twelve in five innings. He had an immaculate inning in 507 00:27:47,560 --> 00:27:50,119 Speaker 1: the fourth, three strikeouts on nine pitchers and Cortes and 508 00:27:50,160 --> 00:27:52,920 Speaker 1: two starts yet to lower run. But Orioles broke the 509 00:27:52,920 --> 00:27:55,280 Speaker 1: scoreless tie in a pinch single by x yank rougnet 510 00:27:55,359 --> 00:27:58,160 Speaker 1: O Door Jonathan Elisa got so good last year out 511 00:27:58,160 --> 00:27:59,280 Speaker 1: of the bulk and he's got an eight and a 512 00:27:59,320 --> 00:28:01,719 Speaker 1: half e R. This going to Yankees loves the series. 513 00:28:02,080 --> 00:28:06,000 Speaker 1: The lowly Orios. John spractually are bloombird Sports. John thanks 514 00:28:06,040 --> 00:28:08,920 Speaker 1: sixty seven on Wall Street Time once again to take 515 00:28:08,960 --> 00:28:10,920 Speaker 1: a look at stocks and some of the names moving 516 00:28:10,960 --> 00:28:13,560 Speaker 1: in the pre market with Bloomberg Radio and TV Markets 517 00:28:13,640 --> 00:28:17,760 Speaker 1: correspondent Creety gooped up on a down start to the week, crety, 518 00:28:17,920 --> 00:28:23,200 Speaker 1: but some sucks you're moving thanks to one Elon Musk. Yes, 519 00:28:23,320 --> 00:28:26,400 Speaker 1: he's certainly moving the market. Twitter Tesla. They're all moving 520 00:28:26,400 --> 00:28:28,719 Speaker 1: to the upside for two separate reasons. So ill les 521 00:28:28,760 --> 00:28:31,639 Speaker 1: dig into a Twitter shares t w t R up 522 00:28:31,760 --> 00:28:34,080 Speaker 1: two point three percent. They were up as much as 523 00:28:34,080 --> 00:28:36,080 Speaker 1: about four percent earlier in the session, so you do 524 00:28:36,200 --> 00:28:39,280 Speaker 1: see a little bit about that momentum. Losing but still 525 00:28:39,360 --> 00:28:41,600 Speaker 1: up two percent. Not too shabby. This comes after Elon 526 00:28:41,680 --> 00:28:44,040 Speaker 1: must said the economic interests of the board are not 527 00:28:44,280 --> 00:28:48,320 Speaker 1: aligned with shareholders. Meanwhile, Twitter the board on Friday set 528 00:28:48,400 --> 00:28:51,000 Speaker 1: up a shareholder rights plan in which if an investor 529 00:28:51,080 --> 00:28:54,520 Speaker 1: requires fifteen percent of the stock without prior approval, it 530 00:28:54,600 --> 00:28:57,160 Speaker 1: ensures that anyone can take control of Twitter through open 531 00:28:57,240 --> 00:29:00,240 Speaker 1: market accumulation, and it pays shareholders in a pro brit 532 00:29:00,280 --> 00:29:02,360 Speaker 1: control premium. Nathan, that's a lot of fancy talk for 533 00:29:02,480 --> 00:29:05,760 Speaker 1: just saying people can actively buy Twitter on the open market. 534 00:29:05,840 --> 00:29:09,280 Speaker 1: If they accumulate over then they have a little bit 535 00:29:09,320 --> 00:29:12,160 Speaker 1: more control. What it does for Elon Musk is it 536 00:29:12,200 --> 00:29:15,480 Speaker 1: means that it can potentially thwart its hostile acquisition bits 537 00:29:15,560 --> 00:29:18,080 Speaker 1: instead of buying the company out directly up for a 538 00:29:18,120 --> 00:29:19,840 Speaker 1: big amount. They say, well, you have to do this 539 00:29:19,960 --> 00:29:22,960 Speaker 1: through the market and through what the stock market is offering. 540 00:29:23,000 --> 00:29:25,520 Speaker 1: So you do see Twitter shares twt R once again 541 00:29:25,560 --> 00:29:27,000 Speaker 1: seeing a little bit of a bid off of that 542 00:29:27,240 --> 00:29:30,040 Speaker 1: up about over two percent. Tesla on the other hand, 543 00:29:30,120 --> 00:29:32,280 Speaker 1: t s l a is your taker, up seven tenths 544 00:29:32,360 --> 00:29:35,120 Speaker 1: of one percent, says it may restart production at a 545 00:29:35,200 --> 00:29:38,000 Speaker 1: Shanghai factory as soon as late afternoon Monday. Now we 546 00:29:38,120 --> 00:29:41,200 Speaker 1: know that officials in Shanghai have been encouraging companies to 547 00:29:41,280 --> 00:29:45,560 Speaker 1: restart production after halting due to the city strict lockdown. Now, 548 00:29:45,600 --> 00:29:47,840 Speaker 1: of course, they also use closed loop systems, which means 549 00:29:47,920 --> 00:29:50,200 Speaker 1: that workers live on site at their factories and then 550 00:29:50,320 --> 00:29:53,000 Speaker 1: leave the next day. Um and now more than six 551 00:29:53,320 --> 00:29:57,280 Speaker 1: firms have restarted operations, including Quantic Computers, which makes laptop 552 00:29:57,320 --> 00:29:59,160 Speaker 1: for apples. So we have to see if Tesla follows 553 00:29:59,200 --> 00:30:02,240 Speaker 1: through on that plan. The expectation is late afternoon today, 554 00:30:02,400 --> 00:30:03,680 Speaker 1: so in a couple of hours we'll know if that 555 00:30:03,760 --> 00:30:06,560 Speaker 1: deadline holds true. T s l A up seven tents 556 00:30:06,600 --> 00:30:09,360 Speaker 1: of one percent, Nathan, and speaking what's going on in China, 557 00:30:09,440 --> 00:30:11,480 Speaker 1: creaty look at a d r S this morning and 558 00:30:11,720 --> 00:30:14,400 Speaker 1: right on top and the early trading is Steed Global 559 00:30:14,840 --> 00:30:17,280 Speaker 1: d d Global d I d I S, your taker 560 00:30:17,440 --> 00:30:20,240 Speaker 1: down almost twenty percent. It was sound as much as 561 00:30:20,240 --> 00:30:23,040 Speaker 1: twenty percent earlier in the session. This comes after they 562 00:30:23,400 --> 00:30:27,479 Speaker 1: agree to hold an extra extraordinary general meeting on May 563 00:30:27,600 --> 00:30:29,959 Speaker 1: twenty three to vote on d listing its shares from 564 00:30:30,000 --> 00:30:32,480 Speaker 1: the New York Stock Exchange, so that saga also continues. 565 00:30:32,800 --> 00:30:35,200 Speaker 1: Speaking of soccer, as we're talking about activist investors, Nathan, 566 00:30:35,200 --> 00:30:38,160 Speaker 1: I'll give you one last one Southwest Gas. S w 567 00:30:38,520 --> 00:30:40,400 Speaker 1: X is your taker, up seven tenths of a percent 568 00:30:40,480 --> 00:30:43,200 Speaker 1: after saying it's board his authorized review of a full 569 00:30:43,320 --> 00:30:46,720 Speaker 1: range of strategical turn is, including a potential sale, saying 570 00:30:46,760 --> 00:30:48,960 Speaker 1: that Carl Icon is invited to participate. We know he's 571 00:30:48,960 --> 00:30:51,920 Speaker 1: been very local, vocal, excuse me about how they're going 572 00:30:52,000 --> 00:30:53,640 Speaker 1: to spend their money and how they're going to raise it, 573 00:30:53,680 --> 00:30:55,360 Speaker 1: So now he's very much a part of that process. 574 00:30:55,520 --> 00:30:58,000 Speaker 1: S w X up seven tents of one percent and 575 00:30:58,120 --> 00:31:00,920 Speaker 1: always an activist investor to why watch all right? Bloomberg 576 00:31:01,000 --> 00:31:04,640 Speaker 1: Radio and TV Markets correspondent Crety Gupta with us this morning. 577 00:31:04,840 --> 00:31:08,840 Speaker 1: SMP futures now down eighteen points down, futures down eighty six, 578 00:31:08,920 --> 00:31:12,320 Speaker 1: dance Deck futures down seventies seven points as we await 579 00:31:12,440 --> 00:31:16,840 Speaker 1: earnings spenty minute now from Bank of America. Stay with us. 580 00:31:17,240 --> 00:31:23,800 Speaker 1: This is Bloomberg. Bloomberg Day Break, brought to you by 581 00:31:23,800 --> 00:31:27,320 Speaker 1: ancient accountants and advisors. Challenging times call for proactive advisors 582 00:31:27,360 --> 00:31:30,720 Speaker 1: who helped minimize taxes, increase cash flow, and create opportunities 583 00:31:30,800 --> 00:31:37,760 Speaker 1: for the future of your business. Visit Ancient dot com Markets, 584 00:31:37,880 --> 00:31:40,959 Speaker 1: Headlines and Breaking News twenty four hours a day at 585 00:31:41,000 --> 00:31:44,360 Speaker 1: Bloomberg dot com, The Bloomberg Business at and at Bloomberg 586 00:31:44,480 --> 00:31:54,520 Speaker 1: Quicktape is a Bloomberg Business lash. And I'm Karen Moscow 587 00:31:54,520 --> 00:31:58,400 Speaker 1: and we've been watching Bank of America earnings crossing the Bloomberg. 588 00:31:58,480 --> 00:32:02,160 Speaker 1: We're gonna break those down in just two moments from now. 589 00:32:02,560 --> 00:32:05,000 Speaker 1: Futures this morning are moving lower, and we want to 590 00:32:05,040 --> 00:32:07,720 Speaker 1: get the first word breaking news desk for today's morning call. 591 00:32:08,120 --> 00:32:11,240 Speaker 1: Here's Bell Maloney, Bell, good morning, and good morning, Karen. 592 00:32:11,280 --> 00:32:13,200 Speaker 1: That's right. US features are in the red right now 593 00:32:13,280 --> 00:32:16,040 Speaker 1: at down, Futures down eighty points, SUPs dropped seventeen. Will 594 00:32:16,160 --> 00:32:19,840 Speaker 1: Nez that futures decline by seventy two. The US ten 595 00:32:19,920 --> 00:32:22,600 Speaker 1: years at two point eight five percent, Gold is up eleven, 596 00:32:22,680 --> 00:32:25,200 Speaker 1: oil is a little changed, and bitcoin is down by 597 00:32:25,320 --> 00:32:28,360 Speaker 1: three percent. Japan fell one point one percent overnight, while 598 00:32:28,440 --> 00:32:31,440 Speaker 1: up markets are closed today and back in the US 599 00:32:31,520 --> 00:32:34,320 Speaker 1: on the economic front, it's ten o'clock the NHB Housing 600 00:32:34,400 --> 00:32:37,320 Speaker 1: Market Index. Regarding earnings this morning, you mentioned Bank of 601 00:32:37,360 --> 00:32:40,520 Speaker 1: America Q and trading revenue x d V eight beat estimates, 602 00:32:40,840 --> 00:32:43,080 Speaker 1: and another news Goldman Sachs that the odds of US 603 00:32:43,160 --> 00:32:46,200 Speaker 1: recession are about thirty five per cent over the next 604 00:32:46,280 --> 00:32:49,200 Speaker 1: two years, wrapping things up. Gap raised to equate over 605 00:32:49,240 --> 00:32:52,320 Speaker 1: at Morgan Stanley, Wendy's was cut to market reform over 606 00:32:52,400 --> 00:32:55,719 Speaker 1: at BMO Live from the first Breaking News destcom Bell 607 00:32:55,800 --> 00:32:58,400 Speaker 1: Maloney care all right, Bill, thank you, and here lie 608 00:32:58,480 --> 00:33:01,200 Speaker 1: breaking news over your Bloomberg tie squawk on your terminal 609 00:33:01,360 --> 00:33:03,560 Speaker 1: s q U A w K and again more on 610 00:33:03,640 --> 00:33:06,280 Speaker 1: those Bank of America earnings in just minutes from now. 611 00:33:06,760 --> 00:33:08,440 Speaker 1: But first you want to see what's going on around 612 00:33:08,440 --> 00:33:12,240 Speaker 1: the world, and here's Michael bar Michael Karen, thank you 613 00:33:12,400 --> 00:33:16,560 Speaker 1: very much. The Russian military says about Ukrainian fighters are 614 00:33:16,760 --> 00:33:19,440 Speaker 1: still hold up inside a steel plan in the Ukrainian 615 00:33:19,520 --> 00:33:23,480 Speaker 1: port city of Maryupol. Ukrainian forces there to find Russian 616 00:33:23,520 --> 00:33:26,960 Speaker 1: demands to surrender the plant. Officials say even though Maryuple 617 00:33:27,040 --> 00:33:31,880 Speaker 1: remains under Ukrainian control, its residents are suffering unbearable conditions. 618 00:33:32,440 --> 00:33:35,600 Speaker 1: North Korea says it has successfully test launched a newly 619 00:33:35,760 --> 00:33:40,000 Speaker 1: developed tactical guided weapon. South Korea's military says it detected 620 00:33:40,080 --> 00:33:42,800 Speaker 1: two launches. They are the latest in a series of 621 00:33:42,880 --> 00:33:46,000 Speaker 1: tests by North Korea that outside experts say is meant 622 00:33:46,240 --> 00:33:49,680 Speaker 1: to expand the country's nuclear arsenal. In Game one of 623 00:33:49,840 --> 00:33:53,200 Speaker 1: their NBA playoff series, the Celtics beat the Nets one 624 00:33:53,320 --> 00:33:58,280 Speaker 1: fifteen one fourteen. In the NHL, the Islanders launst global news, 625 00:33:58,400 --> 00:34:01,080 Speaker 1: running four hours a day on air and on Bloomberg 626 00:34:01,160 --> 00:34:03,040 Speaker 1: Quick Take Power bout more than the twenty seven hundred 627 00:34:03,080 --> 00:34:06,240 Speaker 1: journalists and analysts in more than countries. I Michael Barr, 628 00:34:06,280 --> 00:34:08,360 Speaker 1: and this is Bloomberg Naker. All right, Michael, thank you. 629 00:34:08,440 --> 00:34:11,399 Speaker 1: We are live from the Bloomberg Interactive Broker studios where 630 00:34:11,480 --> 00:34:14,680 Speaker 1: it's six forty nine on Wall Street, and we are 631 00:34:14,800 --> 00:34:18,040 Speaker 1: watching shares of Bank of America with first quarter earnings 632 00:34:18,120 --> 00:34:21,360 Speaker 1: crossing the Bloomberg terminal. They are up about one percent 633 00:34:21,480 --> 00:34:24,359 Speaker 1: in the pre market. Let's break down some of these numbers. Now. 634 00:34:24,440 --> 00:34:27,600 Speaker 1: Alison Williams is with US senior analysts for Global Investment 635 00:34:27,640 --> 00:34:31,640 Speaker 1: Banks at Bloomberg Intelligence. Allison, we heard the headline from 636 00:34:31,920 --> 00:34:35,400 Speaker 1: Karen and from Bill Maloney, first quarter trading revenue with 637 00:34:35,640 --> 00:34:40,439 Speaker 1: a about a four hundred million dollar beat. What else 638 00:34:40,480 --> 00:34:43,760 Speaker 1: stands out to you? So they did beat in trading 639 00:34:44,040 --> 00:34:48,359 Speaker 1: on both thick and equities. So that's a positive, I think. Um, 640 00:34:48,440 --> 00:34:52,080 Speaker 1: there's also a little bit of a relief, perhaps related 641 00:34:52,120 --> 00:34:55,640 Speaker 1: to their capital ratio UM. You know, that's an area 642 00:34:55,719 --> 00:35:00,359 Speaker 1: where we've seen some unexpected negative surprises UM this quarter, 643 00:35:00,600 --> 00:35:04,600 Speaker 1: just in terms of most people expecting those ratios, expecting 644 00:35:04,600 --> 00:35:07,279 Speaker 1: book value to come down a little bit with UM 645 00:35:07,440 --> 00:35:09,600 Speaker 1: some of the move that we've had in long term 646 00:35:09,680 --> 00:35:12,840 Speaker 1: interest rates, so that's UM. That's a little bit of 647 00:35:12,880 --> 00:35:18,439 Speaker 1: a relief. On the net interest income side, UM looks 648 00:35:18,520 --> 00:35:20,840 Speaker 1: about in line, but I think that you know, for 649 00:35:20,960 --> 00:35:23,360 Speaker 1: the net interest income, it's really going to be what 650 00:35:23,560 --> 00:35:25,720 Speaker 1: we hear on the call in terms of the outlook. 651 00:35:25,719 --> 00:35:28,160 Speaker 1: So I talked a little bit about long term rates 652 00:35:28,160 --> 00:35:30,640 Speaker 1: are negative for capital, but short term rates are very 653 00:35:30,719 --> 00:35:33,200 Speaker 1: good for the earnings, So we'll hear a little bit 654 00:35:33,280 --> 00:35:38,320 Speaker 1: about that. UM. The other area of focus is UM credit. 655 00:35:39,080 --> 00:35:41,920 Speaker 1: They actually had a little bit of a net reserve release, 656 00:35:42,000 --> 00:35:45,400 Speaker 1: so we've seen mixed trends there across the banks. I 657 00:35:45,480 --> 00:35:48,120 Speaker 1: think part of that just depends on what their loan 658 00:35:48,200 --> 00:35:51,000 Speaker 1: book looks like and what their expectations were in the quarter. 659 00:35:51,600 --> 00:35:54,640 Speaker 1: But Bank of America did say that they did build 660 00:35:54,760 --> 00:35:58,239 Speaker 1: reserves related to Russia UM, but despite that, they had 661 00:35:58,280 --> 00:36:00,759 Speaker 1: a net reserve release. So that is similar to what 662 00:36:00,880 --> 00:36:03,200 Speaker 1: we saw at City Group. UM both of those in 663 00:36:03,360 --> 00:36:06,480 Speaker 1: contrast to the build that we saw at JP Morgan. 664 00:36:06,920 --> 00:36:09,520 Speaker 1: It is interesting to hear Baker America say that they 665 00:36:09,640 --> 00:36:14,080 Speaker 1: did put some in reserve due to exposure to Russia. 666 00:36:14,280 --> 00:36:18,719 Speaker 1: Is that something of a surprise given where Bank of 667 00:36:18,760 --> 00:36:23,600 Speaker 1: America's stands in terms of its overseas exposure. No, I 668 00:36:23,719 --> 00:36:26,480 Speaker 1: think that you know where where they have so they 669 00:36:26,640 --> 00:36:29,360 Speaker 1: basically talked about the fact that they have no material 670 00:36:29,560 --> 00:36:33,520 Speaker 1: direct exposure to Russia. UM, they did note about seven 671 00:36:33,760 --> 00:36:38,879 Speaker 1: dred million in Russia lending and counterparty exposure. Where you're 672 00:36:39,520 --> 00:36:42,040 Speaker 1: having the banks I think where you're seeing some of 673 00:36:42,120 --> 00:36:46,600 Speaker 1: the reserves building are UM, you know, potentially the large 674 00:36:46,760 --> 00:36:52,239 Speaker 1: corporate UM, large multinational corporations that somehow have an exposure 675 00:36:52,400 --> 00:36:55,399 Speaker 1: and it's more just un sort of single name by name, 676 00:36:55,520 --> 00:36:59,200 Speaker 1: and I think that is UM where we're seeing, UM 677 00:36:59,440 --> 00:37:03,040 Speaker 1: the exposure or Bank America. I haven't seen all the details. UM. 678 00:37:03,160 --> 00:37:05,040 Speaker 1: I gave you kind of a couple of the numbers 679 00:37:05,120 --> 00:37:08,560 Speaker 1: that we saw in terms of the lending and counterparty exposure. UM. 680 00:37:08,680 --> 00:37:12,440 Speaker 1: But but UM, I think this really relates to some 681 00:37:12,520 --> 00:37:15,040 Speaker 1: of the large corporates and it's small. I mean, despite 682 00:37:15,040 --> 00:37:17,120 Speaker 1: the fact that they had some build. They still had 683 00:37:17,200 --> 00:37:20,240 Speaker 1: a three hundred and sixty two million net reserve release, 684 00:37:20,719 --> 00:37:23,960 Speaker 1: So that tells you certainly that the exposures are manageable. 685 00:37:24,239 --> 00:37:28,920 Speaker 1: All right. Bloomberg Intelligence senior banks analyst Allison Williams with 686 00:37:29,120 --> 00:37:31,880 Speaker 1: us this morning as we continue to watch those headlines 687 00:37:32,040 --> 00:37:35,480 Speaker 1: on Bank of America's earnings crossed the terminal shares right 688 00:37:35,520 --> 00:37:38,680 Speaker 1: now up about three tenths of one percent. Right now, 689 00:37:38,760 --> 00:37:40,800 Speaker 1: we want to check what's going on in d C 690 00:37:41,160 --> 00:37:43,800 Speaker 1: with some of the top stories they're including the Ukraine 691 00:37:44,040 --> 00:37:47,479 Speaker 1: seeking financial support at the spring meetings of the World 692 00:37:47,520 --> 00:37:51,400 Speaker 1: Bank and International Monetary Fund in Washington. On a VC's 693 00:37:51,480 --> 00:37:54,799 Speaker 1: this week, Ukrainian Prime Minister Denis smil said the war 694 00:37:55,000 --> 00:37:58,120 Speaker 1: with Russia has his country running a deficit of about 695 00:37:58,200 --> 00:38:02,640 Speaker 1: five billion dollars a month. We need more sanctions from 696 00:38:02,680 --> 00:38:08,399 Speaker 1: our West partners. We need more ammunition to protect our 697 00:38:08,520 --> 00:38:13,839 Speaker 1: country and European borders. We need more finances to uh 698 00:38:14,080 --> 00:38:19,759 Speaker 1: support our people. Our refugees are internally displaced persons. Also 699 00:38:19,880 --> 00:38:24,080 Speaker 1: making news, Ukrainian President vladimir's Lensky urging President Biden to 700 00:38:24,239 --> 00:38:27,960 Speaker 1: come to Kiev. Foreign Minister Dmitro Kuleva tells CVS S 701 00:38:28,040 --> 00:38:30,680 Speaker 1: face the nation. It would be more than symbolic. The 702 00:38:30,760 --> 00:38:34,360 Speaker 1: personal meeting between two presidents could also pay for the 703 00:38:34,440 --> 00:38:39,719 Speaker 1: way for new supplies and of weapons of American web 704 00:38:39,960 --> 00:38:43,719 Speaker 1: US weapons to Ukraine and also for discussions on the 705 00:38:43,880 --> 00:38:47,640 Speaker 1: political possible political settlement of this conflict, Face the Nation 706 00:38:47,719 --> 00:38:50,040 Speaker 1: and this we can both be heard every Sunday right 707 00:38:50,160 --> 00:38:53,800 Speaker 1: here on Bloomberg Radio and Bloomberg Government Reporter Emily Wilkins 708 00:38:54,000 --> 00:38:57,279 Speaker 1: is with us now from studios in Washington, d C. 709 00:38:57,719 --> 00:39:00,239 Speaker 1: Looking ahead to these spring meetings of the World Bank. 710 00:39:00,320 --> 00:39:03,120 Speaker 1: In I M. F Emily, we know Ukrainian foreign ministers 711 00:39:03,280 --> 00:39:06,279 Speaker 1: are in Washington. What kind of support are they looking for? 712 00:39:06,480 --> 00:39:09,480 Speaker 1: What kind of support could they get? So, as you mentioned, Nathan, 713 00:39:09,520 --> 00:39:12,720 Speaker 1: they're currently running a budget deficit of about five billion 714 00:39:12,760 --> 00:39:16,480 Speaker 1: dollars a month according to Ukrainians finance ministers, and they're 715 00:39:16,480 --> 00:39:19,719 Speaker 1: seeking funding they say is needed for humanitarian as well 716 00:39:19,719 --> 00:39:23,040 Speaker 1: as social obligations. Oh, we have her seeing reporting from 717 00:39:23,040 --> 00:39:25,280 Speaker 1: the Wall Street Journal that the World Bank is planning 718 00:39:25,360 --> 00:39:28,960 Speaker 1: a one point five billion dollar funding package to support Ukraine. 719 00:39:29,280 --> 00:39:31,560 Speaker 1: And certainly we've also seen the White House and and 720 00:39:31,640 --> 00:39:36,400 Speaker 1: other government's pledge additional monetary support to Ukraine as the 721 00:39:36,480 --> 00:39:38,799 Speaker 1: war is at the point where it seems like it's 722 00:39:38,840 --> 00:39:41,239 Speaker 1: going to be continuing for quite some time. And we've 723 00:39:41,280 --> 00:39:44,719 Speaker 1: heard from a number of Ukrainian officials, including President Zelenski, 724 00:39:44,880 --> 00:39:49,440 Speaker 1: looking for physical support for them from President Joe Biden. 725 00:39:49,480 --> 00:39:53,239 Speaker 1: They're urging him to come to Kiev. What is the 726 00:39:53,400 --> 00:39:57,160 Speaker 1: openness from the White House to that possibility. Well, Biden 727 00:39:57,200 --> 00:39:58,759 Speaker 1: has said that he would like to go, but the 728 00:39:58,840 --> 00:40:02,080 Speaker 1: reality is is to pull off a trip of that magnitude, 729 00:40:02,360 --> 00:40:04,560 Speaker 1: to have the security in place to make sure that 730 00:40:04,680 --> 00:40:07,120 Speaker 1: Biden is safe, to make sure that this doesn't wind 731 00:40:07,200 --> 00:40:10,440 Speaker 1: up escalating things with Russia. It's very complex right now. 732 00:40:10,560 --> 00:40:13,759 Speaker 1: So US National Security Advisor Jake Sullivan, he told NBC 733 00:40:13,920 --> 00:40:16,320 Speaker 1: this weekend they don't have any current plans, but we 734 00:40:16,440 --> 00:40:18,600 Speaker 1: are hearing that the White House is planning to send 735 00:40:18,719 --> 00:40:22,640 Speaker 1: another senior administration official. It won't be Vice President Kamala Harris. 736 00:40:22,760 --> 00:40:26,080 Speaker 1: Jensaki batted that down last week, but it could be 737 00:40:26,200 --> 00:40:29,760 Speaker 1: a cabinet secretary or another top military official that winds 738 00:40:29,840 --> 00:40:33,120 Speaker 1: up blowing to Ukraine. On the US's behalf all right, 739 00:40:33,160 --> 00:40:36,719 Speaker 1: Bloomberg Government reporter Emily Wilkins with the update from Washington, 740 00:40:36,840 --> 00:40:40,160 Speaker 1: d C. Emily Thank you as always. Read more about 741 00:40:40,239 --> 00:40:43,520 Speaker 1: these stories on Bloomberg dot com or on the Bloomberg terminal, 742 00:40:43,800 --> 00:40:46,280 Speaker 1: and you can follow all the latest on Bloomberg Radio 743 00:40:46,400 --> 00:40:50,280 Speaker 1: in Washington at Bloomberg and one oh five point seven 744 00:40:50,400 --> 00:40:54,040 Speaker 1: FM HD two. Karen Aliy Nathan thank you. Six fifty 745 00:40:54,160 --> 00:40:56,440 Speaker 1: six on Wall Straight, we turned to news and science 746 00:40:56,480 --> 00:40:58,960 Speaker 1: and technology now with a Bloomberg and j I T. 747 00:40:59,200 --> 00:41:01,640 Speaker 1: Stam repool art. It is brought to you buy New 748 00:41:01,719 --> 00:41:05,120 Speaker 1: Jersey Institute of Technology, ranked to top fifty national public 749 00:41:05,239 --> 00:41:08,480 Speaker 1: university by US News and World Report and at top 750 00:41:08,600 --> 00:41:11,560 Speaker 1: ten for best career placement among public schools by the 751 00:41:11,600 --> 00:41:14,400 Speaker 1: Princeton Review. More at n j I T dot E 752 00:41:14,520 --> 00:41:18,040 Speaker 1: DU now Here's just making news and science, technology, engineering, 753 00:41:18,120 --> 00:41:21,680 Speaker 1: and math. Shanghai has reported its first depths in the 754 00:41:21,840 --> 00:41:25,160 Speaker 1: midst of China's biggest COVID flare up. Tens of millions 755 00:41:25,200 --> 00:41:27,440 Speaker 1: of people have been barred from leaving their homes as 756 00:41:27,480 --> 00:41:30,759 Speaker 1: part of lockdowns. That's lead to criticism that China's COVID 757 00:41:30,840 --> 00:41:35,200 Speaker 1: zero policy is inflicting too heavy a social and economic toll. 758 00:41:35,840 --> 00:41:39,360 Speaker 1: Pakistan is cutting electricity to households and industry as the 759 00:41:39,440 --> 00:41:42,080 Speaker 1: cash trap country can no longer afford to buy coal 760 00:41:42,200 --> 00:41:45,760 Speaker 1: or natural gas from overseas to fuel it's power plants. 761 00:41:46,080 --> 00:41:49,440 Speaker 1: The South Asian nation is struggling to procure fuel from 762 00:41:49,480 --> 00:41:52,759 Speaker 1: the spot market after prices of liquefied natural gas and 763 00:41:52,920 --> 00:41:55,719 Speaker 1: coals searched to records last month as the war in 764 00:41:55,880 --> 00:42:00,359 Speaker 1: Ukraine exacerbated supply shortfalls and it classified out of light. 765 00:42:00,400 --> 00:42:03,520 Speaker 1: For the U s National Reconnaissance Office has been launched 766 00:42:03,560 --> 00:42:07,200 Speaker 1: into space from California. It was the first mission by 767 00:42:07,239 --> 00:42:10,520 Speaker 1: the n r ROW to reuse a space X rocket booster. 768 00:42:11,000 --> 00:42:14,840 Speaker 1: The n r RO is the government agency and charge developing, building, launching, 769 00:42:14,880 --> 00:42:19,440 Speaker 1: and maintaining US satellites that provide intelligence data to senior policymakers, 770 00:42:19,680 --> 00:42:22,759 Speaker 1: the intelligence community and the Defense Department, and as the 771 00:42:22,760 --> 00:42:27,000 Speaker 1: Bloomberg nj I t STEM report, futures this morning are 772 00:42:27,239 --> 00:42:31,000 Speaker 1: moving lower. SNP futures down about eighteen points, Dow futures 773 00:42:31,040 --> 00:42:34,800 Speaker 1: down eight three, NASDAG futures are down seventy three, and 774 00:42:34,840 --> 00:42:37,879 Speaker 1: the tenure Treasury down five thirty seconds. The l two 775 00:42:37,920 --> 00:42:40,279 Speaker 1: point eight four percent, and the yield on the two 776 00:42:40,360 --> 00:42:43,720 Speaker 1: year two point four six percent. Bloomberg Surveillance straight Ahead 777 00:42:43,760 --> 00:42:48,000 Speaker 1: for Nathan Hagar on Karen Moscow, and this is Bloomberg