1 00:00:02,520 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:09,720 --> 00:00:12,240 Speaker 2: This is the Bloemberg Day Baker at podcast. Good morning, 3 00:00:12,240 --> 00:00:15,239 Speaker 2: It's Wednesday, the first of April. I'm Caroline Hepga here 4 00:00:15,280 --> 00:00:19,239 Speaker 2: in London. Coming up today. Donald Trump says America will 5 00:00:19,320 --> 00:00:22,319 Speaker 2: end its war with Iran within three weeks, as he 6 00:00:22,440 --> 00:00:25,520 Speaker 2: tells allies they will need to take control of the 7 00:00:25,560 --> 00:00:29,200 Speaker 2: Strait of Hormuz. Christine Legard calls out the US Treasury 8 00:00:29,320 --> 00:00:34,239 Speaker 2: Secretary in a video call discussing the conflict's economic impact. 9 00:00:34,720 --> 00:00:38,839 Speaker 2: Plus back for another giant leap billions of dollars and 10 00:00:38,920 --> 00:00:42,440 Speaker 2: more than fifty years later, NASA prepares to return to 11 00:00:42,520 --> 00:00:45,680 Speaker 2: the moon. Let's start with a roundup of our top stories. 12 00:00:46,440 --> 00:00:48,920 Speaker 2: Just over a month since the US and Israel began 13 00:00:48,960 --> 00:00:51,840 Speaker 2: their war with Iran, President Trump says the US has 14 00:00:51,960 --> 00:00:55,320 Speaker 2: largely accomplished its military goals. The news of sen stock 15 00:00:55,400 --> 00:00:58,160 Speaker 2: soaring as the American leader has also said that an 16 00:00:58,160 --> 00:01:01,880 Speaker 2: agreement with Tehran is not necessary for the war to end. 17 00:01:02,280 --> 00:01:05,000 Speaker 2: Asked in the Oval Office by a reporter, how much 18 00:01:05,040 --> 00:01:07,840 Speaker 2: longer the conflict would go on for the US President 19 00:01:07,920 --> 00:01:09,200 Speaker 2: had this to say. 20 00:01:09,480 --> 00:01:13,600 Speaker 3: I would say that within two weeks, maybe two weeks, 21 00:01:13,640 --> 00:01:16,200 Speaker 3: maybe three. We're hitting a very hard less night. We 22 00:01:16,280 --> 00:01:19,800 Speaker 3: knocked out tremendous amounts of missile making facilities. 23 00:01:20,240 --> 00:01:24,319 Speaker 2: It remains unclear how firm Tramp's timeline is. The President 24 00:01:24,480 --> 00:01:28,360 Speaker 2: often says two week deadlines and regularly blows past them. 25 00:01:28,640 --> 00:01:31,759 Speaker 2: The US has also moved additional troops into the region, 26 00:01:31,880 --> 00:01:35,720 Speaker 2: preserving the option of further escalation. The head of Bloomberg's 27 00:01:35,760 --> 00:01:39,520 Speaker 2: regional coverage, sue At Livingston Wallace, says walking away now 28 00:01:39,560 --> 00:01:42,440 Speaker 2: would leave significant unresolved challenges. 29 00:01:43,200 --> 00:01:45,479 Speaker 4: Ultimately, I suppose it is true that he doesn't need 30 00:01:45,520 --> 00:01:47,440 Speaker 4: a formal deal in order to walk away, and he 31 00:01:47,480 --> 00:01:50,400 Speaker 4: can say he's measures objectives. So what would that look like. 32 00:01:50,560 --> 00:01:52,720 Speaker 4: I mean, we would presume that in fact, really leaves 33 00:01:52,800 --> 00:01:55,520 Speaker 4: Iran in control one way or another of Hoole moves. 34 00:01:55,560 --> 00:01:58,480 Speaker 4: We know what the impact of that control has had 35 00:01:59,000 --> 00:02:02,480 Speaker 4: on global not just energy but all sorts of commodity 36 00:02:02,520 --> 00:02:06,440 Speaker 4: markets and by extension, global economies, and so it would 37 00:02:06,520 --> 00:02:09,120 Speaker 4: leave certainly one of the big issues thrown up by 38 00:02:09,120 --> 00:02:10,840 Speaker 4: this war entirely unresolved. 39 00:02:11,400 --> 00:02:16,000 Speaker 2: Stuart Livingston Wallace, speaking there as Iran's foreign minister, Abasa Rakji, 40 00:02:16,200 --> 00:02:19,880 Speaker 2: confirmed direct contact with the US, but said that Tehran 41 00:02:19,960 --> 00:02:23,320 Speaker 2: has zero trust in Washington. According to a social media 42 00:02:23,440 --> 00:02:27,120 Speaker 2: post from the White House's Press secretary, President Trump will 43 00:02:27,120 --> 00:02:29,880 Speaker 2: give an address to the nation tonight at nine pm 44 00:02:29,960 --> 00:02:33,600 Speaker 2: New York time to provide an important update on Iran. 45 00:02:33,639 --> 00:02:36,760 Speaker 2: According to the White House, we will have live coverage 46 00:02:36,800 --> 00:02:40,919 Speaker 2: of that here on Bloomberg. President Trump is now calling 47 00:02:40,960 --> 00:02:43,880 Speaker 2: on other countries to rest control of the Strait of 48 00:02:43,919 --> 00:02:48,079 Speaker 2: Hormus as Iran maintains missile far across the Persian Gulf. 49 00:02:48,480 --> 00:02:51,000 Speaker 2: In a post on true social Trump said that countries 50 00:02:51,000 --> 00:02:54,280 Speaker 2: should learn to fight for themselves and secure their own oil. 51 00:02:54,600 --> 00:02:57,360 Speaker 2: Speaking later at the White House, Trump sought to separate 52 00:02:57,360 --> 00:03:00,320 Speaker 2: the reopening of the Strait of Hormus from America's midiy 53 00:03:00,360 --> 00:03:01,440 Speaker 2: goals to end the war. 54 00:03:02,240 --> 00:03:05,240 Speaker 3: Probably the straight a guy can take a mind, drop 55 00:03:05,280 --> 00:03:08,480 Speaker 3: it in the water and say, oh it's unsafe. It's 56 00:03:08,520 --> 00:03:10,679 Speaker 3: not like you're taking out an army or you're taking 57 00:03:10,760 --> 00:03:13,239 Speaker 3: out a country. Or they can drop it. Or you 58 00:03:13,280 --> 00:03:14,960 Speaker 3: can take a machine gun from the shore, or shoot 59 00:03:15,000 --> 00:03:18,680 Speaker 3: a little fube Oba centership or maybe an over the 60 00:03:18,720 --> 00:03:24,760 Speaker 3: shoulder missile, small missiles. That's that for us, That'll be 61 00:03:24,840 --> 00:03:28,720 Speaker 3: for friends, that'll be for whoever's using the strait, but 62 00:03:28,800 --> 00:03:31,240 Speaker 3: I think when we leave probably that's all cleared up. 63 00:03:31,280 --> 00:03:34,079 Speaker 3: Today I had tremendous numbers of ships were sailing through. 64 00:03:34,880 --> 00:03:37,920 Speaker 2: The person's comments come as the United Arab Emirates is 65 00:03:37,960 --> 00:03:41,000 Speaker 2: reportedly preparing to help the US and other allies open 66 00:03:41,280 --> 00:03:44,600 Speaker 2: the waterway by force. The Wall Street Journal reports that 67 00:03:44,640 --> 00:03:47,800 Speaker 2: the UAE is lobbying for a UN Security Council resolution 68 00:03:48,240 --> 00:03:53,640 Speaker 2: to authorize the action. Europe is expected to have sufficient 69 00:03:54,040 --> 00:03:57,400 Speaker 2: jet fuel supplies to avoid shortages in April, according to 70 00:03:57,480 --> 00:04:00,840 Speaker 2: industry insiders who spoke to Bloomberg. US also say that 71 00:04:00,880 --> 00:04:04,720 Speaker 2: stockpiles could begin to run out in May as the 72 00:04:04,760 --> 00:04:08,760 Speaker 2: war continues to disrupt global energy markets. Some airlines have 73 00:04:08,800 --> 00:04:12,800 Speaker 2: already canceled flights, but Ryan Air CEO remains optimistic. 74 00:04:13,840 --> 00:04:17,040 Speaker 4: We've seen already some of our compenterai ads are canceling fight. 75 00:04:17,160 --> 00:04:20,240 Speaker 1: The reduced their capacity by five percent bold, which is 76 00:04:20,279 --> 00:04:22,480 Speaker 1: an eacy get of capacity by five percent. 77 00:04:22,560 --> 00:04:25,040 Speaker 5: Through May and June, we haven't cut any flights. 78 00:04:25,040 --> 00:04:28,680 Speaker 3: Three ours our survisor secure and really intended to continued 79 00:04:28,720 --> 00:04:30,040 Speaker 3: to rule through this crisis. 80 00:04:30,400 --> 00:04:33,560 Speaker 2: Ryan Air CEO Michael O'Leary there as pressure on fuel 81 00:04:33,600 --> 00:04:37,520 Speaker 2: supplies is likely to intensify the longer the key waterway 82 00:04:37,720 --> 00:04:40,479 Speaker 2: in the Strait of Hormoves remains closed. France, the UK, 83 00:04:40,600 --> 00:04:45,080 Speaker 2: and the Netherlands are among Europe's largest importers of jet fuel. 84 00:04:45,640 --> 00:04:50,760 Speaker 2: ECB President Christine Legard privately challenged America's Treasury Secretary Scott 85 00:04:50,839 --> 00:04:53,880 Speaker 2: Bessend as he sought to play down the global impact 86 00:04:53,960 --> 00:04:58,080 Speaker 2: of the Iran War. Bloomberg understands that the European Central 87 00:04:58,120 --> 00:05:02,320 Speaker 2: Banker told a G seven finance meeting there would be 88 00:05:02,640 --> 00:05:06,039 Speaker 2: long term economic damage. To Bloomberg's James Walcock has more. 89 00:05:06,400 --> 00:05:10,680 Speaker 6: Christine Legarde has long been described as straight talking, so 90 00:05:10,760 --> 00:05:14,520 Speaker 6: perhaps it's no surprise she told US Treasury Secretary Scott 91 00:05:14,560 --> 00:05:17,880 Speaker 6: Besant the same message she gave to the economists last week. 92 00:05:18,200 --> 00:05:21,200 Speaker 6: She reportedly said, the world is facing a real shock. 93 00:05:21,560 --> 00:05:25,000 Speaker 6: Too much oil infrastructure has been destroyed, and this cannot 94 00:05:25,000 --> 00:05:29,120 Speaker 6: be recovered in mere months. But the European Central Banker's 95 00:05:29,160 --> 00:05:33,919 Speaker 6: comments reflects the continent's economic pain compared to the US. 96 00:05:34,240 --> 00:05:37,599 Speaker 6: Europe is vastly more exposed to soaring energy prices, which 97 00:05:37,640 --> 00:05:40,000 Speaker 6: are caused by a war it didn't start and want 98 00:05:40,120 --> 00:05:43,679 Speaker 6: no part in. In London, James Walcock Bloomberg Radio. 99 00:05:44,680 --> 00:05:48,240 Speaker 2: Kirs Sarma is highlighting measures taken by his government to 100 00:05:48,320 --> 00:05:51,680 Speaker 2: help with vising costs amid the Iran war. In a 101 00:05:51,800 --> 00:05:54,400 Speaker 2: same of release yesterday, the UK Prime Minister appointed to 102 00:05:54,560 --> 00:05:58,479 Speaker 2: previously announce policies including an increase in the minimum wage 103 00:05:58,680 --> 00:06:02,680 Speaker 2: and a reduction in any bills through July. Conservative leader 104 00:06:02,760 --> 00:06:06,239 Speaker 2: Kemmy Baidenog has also been setting out her own plan 105 00:06:06,320 --> 00:06:07,960 Speaker 2: to bring down prices in the UK. 106 00:06:09,320 --> 00:06:11,919 Speaker 5: We have a cheap power plan. It's going to scrap 107 00:06:12,080 --> 00:06:15,520 Speaker 5: the eighty off bills for three years. We want to 108 00:06:15,520 --> 00:06:18,599 Speaker 5: see the green taxes taken off bills and also stopping 109 00:06:18,600 --> 00:06:19,760 Speaker 5: the rise in field duty. 110 00:06:20,400 --> 00:06:24,280 Speaker 2: The opposition leader, Kemmy Baidnog, speaking there as the RAC 111 00:06:24,440 --> 00:06:27,040 Speaker 2: says that the cost of filling a diesel family car 112 00:06:27,120 --> 00:06:30,520 Speaker 2: in Britain has now passed one hundred pounds. Cornwall Insight 113 00:06:30,800 --> 00:06:34,240 Speaker 2: is forecasting that the average household energy bill will increase 114 00:06:34,279 --> 00:06:38,920 Speaker 2: by eighteen percent from July. And lastly, to some corporate news, 115 00:06:39,000 --> 00:06:41,559 Speaker 2: Open Ai has completed a deal to raise one hundred 116 00:06:41,560 --> 00:06:44,680 Speaker 2: and twenty two billion dollars from investors at an eight 117 00:06:44,760 --> 00:06:47,560 Speaker 2: hundred and fifty two billion dollar valuation for the business. 118 00:06:47,839 --> 00:06:51,320 Speaker 2: It marks the company's largest funding round to date. The 119 00:06:51,360 --> 00:06:55,480 Speaker 2: financing mostly comes from several large tech companies including Amazon 120 00:06:55,560 --> 00:06:58,359 Speaker 2: dot Com, Nvidia, and SoftBank, and a long list of 121 00:06:58,360 --> 00:07:01,360 Speaker 2: other backers here is bloomber Excherine gaffree. 122 00:07:01,680 --> 00:07:04,800 Speaker 7: This around in general gives them some flexibility. So of 123 00:07:04,800 --> 00:07:07,040 Speaker 7: course you know, all these companies, as we reported, are 124 00:07:07,080 --> 00:07:09,320 Speaker 7: looking toward an IPO, but also if they're able to 125 00:07:09,440 --> 00:07:12,880 Speaker 7: raise this amount of large cash and get some exposure 126 00:07:12,960 --> 00:07:15,880 Speaker 7: to retail investories in the meantime, that also gives them 127 00:07:15,920 --> 00:07:18,760 Speaker 7: the option to wait if they want to for that IPO. 128 00:07:19,760 --> 00:07:23,640 Speaker 2: Suran gaffree. Their open AI, the shaut GPT maker says 129 00:07:23,640 --> 00:07:27,120 Speaker 2: that it's currently generating two billion dollars in revenue each month, 130 00:07:27,600 --> 00:07:31,160 Speaker 2: with enterprise sales making up forty percent of its revenue. 131 00:07:31,360 --> 00:07:34,080 Speaker 2: Those are our top stories for you. Looking at the markets, 132 00:07:34,200 --> 00:07:37,760 Speaker 2: the impact of the US campaign against Iran, the Iran 133 00:07:38,280 --> 00:07:42,360 Speaker 2: war on markets. There is optimism about an end to 134 00:07:42,440 --> 00:07:45,920 Speaker 2: the conflict and stocks are surging. Your country World indexes 135 00:07:46,000 --> 00:07:47,520 Speaker 2: up eight tens of one percent, but look at the 136 00:07:47,600 --> 00:07:50,400 Speaker 2: MSCI Asia Pacific Index up four and a half percent. 137 00:07:50,440 --> 00:07:53,680 Speaker 2: The costb rebounding from a really ugly month. We're up 138 00:07:53,720 --> 00:07:57,200 Speaker 2: by eight point two percent for the cosby Asian stocks 139 00:07:57,720 --> 00:08:01,120 Speaker 2: picking up after their worst month in more than seventeen years. 140 00:08:01,200 --> 00:08:04,160 Speaker 2: You also saw war streets staging again a dramatic comeback 141 00:08:04,240 --> 00:08:06,520 Speaker 2: yesterday s and P five hundred gain two point nine 142 00:08:06,560 --> 00:08:08,920 Speaker 2: percent then as that was up by three point eight 143 00:08:08,920 --> 00:08:12,200 Speaker 2: percent yesterday. Stop futures for Europe are also up a 144 00:08:12,480 --> 00:08:16,160 Speaker 2: very strong one point nine percent today, but you have 145 00:08:16,240 --> 00:08:19,520 Speaker 2: to layer in the skepticism too. Bin CREWD futures are 146 00:08:19,560 --> 00:08:22,480 Speaker 2: still climbing seven tenths, trading at one hundred and four 147 00:08:22,520 --> 00:08:26,240 Speaker 2: dollars seventy one. Bahrain and the UAE continue to see attacks. 148 00:08:26,560 --> 00:08:31,880 Speaker 2: Thinking about bond markets, probably will see European bonds, European 149 00:08:31,920 --> 00:08:37,000 Speaker 2: bond yields falling because Ossie and Japanese bonds have been 150 00:08:37,040 --> 00:08:40,120 Speaker 2: doing so, and following also the US lead for ten 151 00:08:40,200 --> 00:08:43,280 Speaker 2: year treasury yields, which again today are down three basis 152 00:08:43,280 --> 00:08:46,319 Speaker 2: points at four twenty eight. We do have data out 153 00:08:46,400 --> 00:08:52,000 Speaker 2: later this morning, including France and Italian manufacturing PMI, which 154 00:08:52,040 --> 00:08:55,480 Speaker 2: will give a good reading on economies here in Europe. 155 00:08:55,600 --> 00:08:58,240 Speaker 2: Those aren't the markets in a moment. We are going 156 00:08:58,280 --> 00:09:01,760 Speaker 2: to bring you more on what is happening on the 157 00:09:01,760 --> 00:09:05,040 Speaker 2: ground in the Middle East, what the future of the 158 00:09:05,080 --> 00:09:09,520 Speaker 2: Straits of Horn Moves potentially could look like. Plus NASA's 159 00:09:09,760 --> 00:09:13,600 Speaker 2: mission to send astronauts that not quite to the Moon 160 00:09:13,760 --> 00:09:16,840 Speaker 2: but very close. We'll be discussing that in a moment. 161 00:09:17,440 --> 00:09:21,160 Speaker 2: Let's also think though about another story that got my attention. 162 00:09:21,720 --> 00:09:24,280 Speaker 2: So Bucking and Pallas has announced plans for King Charles 163 00:09:24,280 --> 00:09:26,640 Speaker 2: to visit Washington. We knew that it was coming, this 164 00:09:26,720 --> 00:09:28,720 Speaker 2: state visit, but now we've got the date, twenty seventh 165 00:09:28,720 --> 00:09:32,000 Speaker 2: to the thirtieth of April. President Trump and the US 166 00:09:32,080 --> 00:09:35,040 Speaker 2: Defense sectually Pete Hegseth, though have spent the past few 167 00:09:35,120 --> 00:09:38,440 Speaker 2: days blasting the UK. But in Bay's UK per political 168 00:09:38,520 --> 00:09:41,320 Speaker 2: editor Alex Wickham and reporter Alex Morales have been writing 169 00:09:41,400 --> 00:09:44,600 Speaker 2: about this. So the visit is happening. Obviously this comes 170 00:09:44,640 --> 00:09:48,199 Speaker 2: with government support, as they always do, but it comes 171 00:09:48,240 --> 00:09:51,959 Speaker 2: really despite the criticism and mockery of the UK by 172 00:09:52,040 --> 00:09:56,960 Speaker 2: the US, so some are wondering whether this is really wise. 173 00:09:57,640 --> 00:10:01,480 Speaker 2: The Labour's own Foreign Affairs Committee chairman Emily Thornberry and 174 00:10:01,559 --> 00:10:05,360 Speaker 2: also the Liberal Democrat leader Ed Davy have recently said 175 00:10:06,000 --> 00:10:09,360 Speaker 2: that the King should postpone, Davy saying that the trip 176 00:10:09,520 --> 00:10:12,240 Speaker 2: is a humiliation and a sign of a government too 177 00:10:12,320 --> 00:10:15,400 Speaker 2: weak to stand up to bullies, which I think is 178 00:10:15,440 --> 00:10:21,000 Speaker 2: interesting because the visit is going ahead that desire to 179 00:10:21,040 --> 00:10:23,440 Speaker 2: keep the special relationship going. Look, I think Britain and 180 00:10:23,480 --> 00:10:26,120 Speaker 2: lots of other countries are in such a difficult position. 181 00:10:26,360 --> 00:10:30,080 Speaker 2: The Iran war is an economic thread. It also highlights 182 00:10:30,440 --> 00:10:33,640 Speaker 2: and is yet another massive military wake up call. Not 183 00:10:33,679 --> 00:10:36,079 Speaker 2: a lot of evidence that the UK has dealt really 184 00:10:36,120 --> 00:10:40,160 Speaker 2: with either yet because the Prime ministers not really unveiled 185 00:10:40,320 --> 00:10:44,600 Speaker 2: any further economic packages or increases in defense spending, let's say. 186 00:10:44,960 --> 00:10:49,480 Speaker 2: But obviously both of those things take time and money. 187 00:10:49,840 --> 00:10:53,200 Speaker 2: So it's a really difficult situation. But you can have 188 00:10:53,240 --> 00:10:55,680 Speaker 2: a read of the latest when it comes to the 189 00:10:55,800 --> 00:10:58,559 Speaker 2: royal visit to Washington. D C will put a link 190 00:10:58,600 --> 00:11:01,560 Speaker 2: to it in our podcast show Notes. President Trump is 191 00:11:01,600 --> 00:11:04,000 Speaker 2: looking for an exit from the war with Iran. Iran's 192 00:11:04,000 --> 00:11:08,319 Speaker 2: foreign Minister's confirmed direct contact with the US Special Envoice 193 00:11:08,320 --> 00:11:11,360 Speaker 2: Steve whitcofs socks in Asia a rally, but all prices 194 00:11:11,400 --> 00:11:14,520 Speaker 2: continue to increase slightly as the Strait of Hormus remains 195 00:11:14,760 --> 00:11:17,800 Speaker 2: largely closed to shipping. Joining US now to discuss is 196 00:11:17,840 --> 00:11:21,720 Speaker 2: Stephen Stepchinski who leads our team covering energy in Asia. 197 00:11:21,800 --> 00:11:25,600 Speaker 2: Good morning, Stephen. For the global economy. Ending the war 198 00:11:25,840 --> 00:11:29,400 Speaker 2: may not reopen the strait of Hormos. How do markets 199 00:11:29,480 --> 00:11:33,640 Speaker 2: think about when and how shipping might actually be resumed. 200 00:11:33,960 --> 00:11:36,920 Speaker 8: When you look at the prices right for the what 201 00:11:37,000 --> 00:11:41,440 Speaker 8: Trump has been saying, the price reactions, it seems that 202 00:11:41,600 --> 00:11:45,120 Speaker 8: the market is really seeing an immediate impact or immediate 203 00:11:45,240 --> 00:11:47,720 Speaker 8: enter the war. Nor do they see an immediate opening 204 00:11:47,760 --> 00:11:50,960 Speaker 8: of Ormuz. I mean when you look at also the infrastructure, 205 00:11:50,960 --> 00:11:53,640 Speaker 8: it's not just the opening of Ormus and getting ships 206 00:11:53,640 --> 00:11:56,080 Speaker 8: to go again, figuring on insurance, making sure they can 207 00:11:56,080 --> 00:12:00,200 Speaker 8: safely go through, getting ship captains and crew comfortable with that, 208 00:12:00,559 --> 00:12:04,240 Speaker 8: getting ship owners comfortable with it. It's also the infrastructure 209 00:12:04,240 --> 00:12:06,760 Speaker 8: in the region which has also been damaged. There has 210 00:12:06,840 --> 00:12:10,320 Speaker 8: been a number of different attacks on facilities, not just 211 00:12:10,360 --> 00:12:12,720 Speaker 8: in the oil sector, but also in fininatural gas. There 212 00:12:12,720 --> 00:12:16,600 Speaker 8: have been tankers attacked. And how long it takes to 213 00:12:16,640 --> 00:12:20,439 Speaker 8: repare these facilities gain them back to production levels again 214 00:12:20,520 --> 00:12:23,600 Speaker 8: that were normal before the war began about a month ago. 215 00:12:24,040 --> 00:12:27,439 Speaker 8: So the market doesn't think that this could happen relatively quickly. 216 00:12:27,480 --> 00:12:29,960 Speaker 8: In fact, there are signs that this could take weeks, 217 00:12:30,040 --> 00:12:33,160 Speaker 8: if not months. It's very unclear, and it also depends 218 00:12:33,200 --> 00:12:36,040 Speaker 8: on the type of products. It might be easier for 219 00:12:36,200 --> 00:12:39,360 Speaker 8: oil to begin because the oil infrastructure wasn't as damaged 220 00:12:39,400 --> 00:12:42,360 Speaker 8: as much as financial gas. For example, the world's biggest 221 00:12:42,360 --> 00:12:45,320 Speaker 8: plan chief facility in Qatar was damaged. Two of its 222 00:12:45,320 --> 00:12:47,520 Speaker 8: sporting production trains were damaged. Will take years for that 223 00:12:47,600 --> 00:12:51,680 Speaker 8: to come back online, and resuming just the undamaged parts 224 00:12:51,720 --> 00:12:54,160 Speaker 8: of the facility could take a bit longer as well. 225 00:12:54,440 --> 00:12:57,160 Speaker 2: Yeah, so it's about time and how long it would 226 00:12:57,840 --> 00:13:02,160 Speaker 2: need to see those oil supply return. Do oil and 227 00:13:02,200 --> 00:13:06,400 Speaker 2: gas prices then just rebase higher in the medium term? 228 00:13:06,480 --> 00:13:08,760 Speaker 2: Is that what markets are thinking that prices? You know, 229 00:13:08,800 --> 00:13:10,280 Speaker 2: there's a new flaw for prices. 230 00:13:11,520 --> 00:13:13,439 Speaker 8: Yeah, I mean, I think that there is a new 231 00:13:13,559 --> 00:13:16,560 Speaker 8: risk premium for oil going through the Middle East and 232 00:13:16,600 --> 00:13:19,160 Speaker 8: gas going through the Middle East that is going to 233 00:13:19,200 --> 00:13:22,520 Speaker 8: have to be sort of figured out going forward, because 234 00:13:22,559 --> 00:13:25,760 Speaker 8: even if everything were to end, if the straight upard 235 00:13:25,760 --> 00:13:27,960 Speaker 8: moves were to open, if all the infrastructure were to 236 00:13:28,000 --> 00:13:30,520 Speaker 8: be repaired, there's still going to be fears in the 237 00:13:30,559 --> 00:13:34,120 Speaker 8: back of the minds of traders, buyers, even sellers as 238 00:13:34,160 --> 00:13:38,000 Speaker 8: to how safe everything is going forward, What are the 239 00:13:38,080 --> 00:13:40,240 Speaker 8: chances that something could flare up again? What are the 240 00:13:40,320 --> 00:13:45,040 Speaker 8: chances of insurance rates increasing as well? So I think 241 00:13:46,000 --> 00:13:49,480 Speaker 8: it seems unlikely that the oil market is going to complacently, 242 00:13:49,760 --> 00:13:53,120 Speaker 8: in the gas market too complacently, go back down to 243 00:13:53,240 --> 00:13:56,000 Speaker 8: levels that we were at a month ago. The market 244 00:13:56,080 --> 00:13:56,720 Speaker 8: has changed. 245 00:13:57,000 --> 00:14:00,559 Speaker 2: What do you make of the jet fuel issues, supplies 246 00:14:00,600 --> 00:14:01,479 Speaker 2: and prices? 247 00:14:02,120 --> 00:14:04,040 Speaker 8: Well, yeah, I mean so jet fuel is I think 248 00:14:04,040 --> 00:14:06,520 Speaker 8: when you look at all the charts for all the products, 249 00:14:06,640 --> 00:14:09,360 Speaker 8: jeff fuel looks to be the one that's the most parabolic, 250 00:14:09,440 --> 00:14:11,600 Speaker 8: right the jet fuel, Especially when you look at the 251 00:14:11,640 --> 00:14:15,439 Speaker 8: European jet fuel prices, they've written into record high levels. 252 00:14:16,440 --> 00:14:19,080 Speaker 8: Now there are there is a difference between you know, 253 00:14:19,120 --> 00:14:22,400 Speaker 8: these record high levels versus actual shortages on the ground. 254 00:14:22,400 --> 00:14:24,320 Speaker 8: Because we had a great report from one of my 255 00:14:24,360 --> 00:14:28,320 Speaker 8: colleagues out of Europe yesterday basically saying that yeah, we 256 00:14:28,360 --> 00:14:30,920 Speaker 8: are having record high levels. There is a crunch, but 257 00:14:31,000 --> 00:14:36,600 Speaker 8: there are enough supplies, stockpiles available for April, so there 258 00:14:36,640 --> 00:14:39,240 Speaker 8: are no exact shortages in Europe. But if this were 259 00:14:39,280 --> 00:14:42,960 Speaker 8: to continue past April, that's when the market might get 260 00:14:43,000 --> 00:14:45,240 Speaker 8: more worried. So I think that's one of the things 261 00:14:45,280 --> 00:14:49,200 Speaker 8: that will be closely monitored is just you know, how 262 00:14:49,240 --> 00:14:52,080 Speaker 8: long does this continue for? And then where are the 263 00:14:52,080 --> 00:14:53,200 Speaker 8: pressure points? 264 00:14:52,880 --> 00:14:53,040 Speaker 2: Is it? 265 00:14:53,320 --> 00:14:55,920 Speaker 8: Is it? Is it jet fuel? Is it like fight? 266 00:14:56,040 --> 00:15:00,000 Speaker 8: Natural gas is a naptha. They all have different level 267 00:15:00,160 --> 00:15:03,120 Speaker 8: of calculus involved into when they could face shortages, and 268 00:15:03,160 --> 00:15:06,160 Speaker 8: they're all dealing with jumps and prices. But it does 269 00:15:06,160 --> 00:15:09,280 Speaker 8: seem that jet fuel is particularly tight compared to the 270 00:15:09,320 --> 00:15:09,800 Speaker 8: other ones. 271 00:15:10,240 --> 00:15:12,880 Speaker 2: Yeah. Absolutely. I'll just note that two ships carrying jet 272 00:15:12,880 --> 00:15:16,600 Speaker 2: fuel are heading from New York to England, which is 273 00:15:16,640 --> 00:15:20,000 Speaker 2: an unusual route, expected to arrive in the UK in 274 00:15:20,040 --> 00:15:23,080 Speaker 2: the coming days. Interesting. Thank you so much, Stephen for 275 00:15:23,120 --> 00:15:25,360 Speaker 2: being with me so thinking about what happens with the 276 00:15:25,360 --> 00:15:28,600 Speaker 2: straight of hor moves, the impact on jet fueld. Stephen Stepchinski, 277 00:15:28,640 --> 00:15:33,400 Speaker 2: who leads our team covering energy in Asia, stay with us. 278 00:15:33,640 --> 00:15:37,640 Speaker 2: More from Bloomberg Day Baquube coming up after this. Now, 279 00:15:37,720 --> 00:15:39,680 Speaker 2: let's sends to something else, something that's going to be 280 00:15:39,720 --> 00:15:44,000 Speaker 2: happening later on tonight. NASA's Artemis two mission is sending 281 00:15:44,040 --> 00:15:47,880 Speaker 2: four astronauts on a lunar mission around the Moon and back, 282 00:15:48,200 --> 00:15:51,120 Speaker 2: more than fifty years since the last humans set foot 283 00:15:51,160 --> 00:15:53,680 Speaker 2: on the Moon. Let's get more now from Kate Duffy, 284 00:15:53,720 --> 00:15:56,960 Speaker 2: our aerospace reporter in London. Kate, good to speak to you. 285 00:15:57,200 --> 00:16:01,160 Speaker 2: These astronauts aren't descending to the Moon. What is going 286 00:16:01,240 --> 00:16:04,240 Speaker 2: to happen then with this mission exactly? That is it's 287 00:16:04,280 --> 00:16:05,600 Speaker 2: a flyby essentially. 288 00:16:05,760 --> 00:16:08,840 Speaker 9: So the Artemis I two programmers is a ten day 289 00:16:08,880 --> 00:16:12,000 Speaker 9: mission which will see four astronauts fly around the Moon. 290 00:16:12,280 --> 00:16:14,960 Speaker 9: They won't actually be touching it. That's for the next mission. 291 00:16:15,400 --> 00:16:18,720 Speaker 9: It's about five thousand miles from the lunar surface and 292 00:16:18,960 --> 00:16:22,480 Speaker 9: on board the astronauts will be carrying out various scientific 293 00:16:22,640 --> 00:16:27,080 Speaker 9: experiments and testing the spacecraft's life support systems. So this 294 00:16:27,200 --> 00:16:29,520 Speaker 9: is really exciting. You know, we're in the count da 295 00:16:29,600 --> 00:16:33,840 Speaker 9: pase now, the whole space communities really excited for it. 296 00:16:33,880 --> 00:16:36,600 Speaker 9: They're on the ground in Florida and this is NASA's 297 00:16:36,600 --> 00:16:39,760 Speaker 9: first time sending humans back to the Moon in more 298 00:16:39,800 --> 00:16:42,920 Speaker 9: than half a century. So we're excited to see how 299 00:16:42,960 --> 00:16:43,720 Speaker 9: it's going to pan out. 300 00:16:44,280 --> 00:16:47,320 Speaker 2: Wow. So why is NASA doing this now? What are 301 00:16:47,320 --> 00:16:50,480 Speaker 2: the companies involved? And maybe one are the risks? Yeah, 302 00:16:50,480 --> 00:16:53,960 Speaker 2: it's a good question. I mean, this program is years overdue. 303 00:16:54,200 --> 00:16:56,360 Speaker 2: It was actually supposed to take off a couple of 304 00:16:56,480 --> 00:17:00,240 Speaker 2: years ago, so it's come under extreme criticism about how 305 00:17:00,320 --> 00:17:04,520 Speaker 2: long it's taken to come to fruition, and the expected 306 00:17:04,560 --> 00:17:07,440 Speaker 2: price tag is about ninety. 307 00:17:07,160 --> 00:17:12,080 Speaker 9: Three billion dollars. It's very expensive, it's very overdue. But 308 00:17:12,600 --> 00:17:16,080 Speaker 9: essentially that the companies involved are Boeing, who makes the 309 00:17:16,359 --> 00:17:20,159 Speaker 9: SLS rocket. That's what's going to propel the rocket into space, 310 00:17:20,560 --> 00:17:22,879 Speaker 9: and then you've got the capsule on top, which is 311 00:17:22,920 --> 00:17:26,840 Speaker 9: made by Lockheed Martin and that's where the astronauts are 312 00:17:26,840 --> 00:17:29,880 Speaker 9: going to spend their ten days in space in and 313 00:17:29,920 --> 00:17:33,040 Speaker 9: do all their scientific experiments. So it will really prove 314 00:17:33,119 --> 00:17:37,000 Speaker 9: that NASA can keep a crew alive whilst traveling into 315 00:17:37,040 --> 00:17:39,480 Speaker 9: deep space with this newest technology. 316 00:17:39,880 --> 00:17:42,000 Speaker 2: So what might it mean in the future. There's been 317 00:17:42,040 --> 00:17:43,520 Speaker 2: a lot of discussion about that. 318 00:17:44,160 --> 00:17:47,399 Speaker 9: It will hopefully mean, depending on the success of this mission, 319 00:17:47,800 --> 00:17:51,359 Speaker 9: more launches to come with humans. NASA's aim is to 320 00:17:51,440 --> 00:17:54,879 Speaker 9: get humans on the Moon by twenty twenty eight, and 321 00:17:54,920 --> 00:17:58,000 Speaker 9: it's a steep competition. China also wants to get to 322 00:17:58,040 --> 00:18:01,800 Speaker 9: the Moon by twenty thirty, so there's a small period 323 00:18:01,800 --> 00:18:04,240 Speaker 9: of time in which this needs to happen in order 324 00:18:04,400 --> 00:18:07,480 Speaker 9: for the US to sort of succeed and in the 325 00:18:07,520 --> 00:18:11,720 Speaker 9: long run, it's about establishing a long term human presence 326 00:18:11,800 --> 00:18:15,840 Speaker 9: on the Moon in order to prepare for Mars. So 327 00:18:16,000 --> 00:18:20,600 Speaker 9: both Moon and Mars have plenty of resources, valuable resources 328 00:18:20,600 --> 00:18:24,240 Speaker 9: that humans can use and test. So this is essentially 329 00:18:24,400 --> 00:18:27,240 Speaker 9: just a jumping pad into outer space. 330 00:18:28,800 --> 00:18:31,560 Speaker 1: This is Bloomberg Daybreak Europe, your morning brief on the 331 00:18:31,600 --> 00:18:34,680 Speaker 1: stories making news from London to Wall Street and beyond. 332 00:18:35,000 --> 00:18:38,960 Speaker 2: Look for us on your podcast feed every morning on Apples, Spotify, 333 00:18:39,080 --> 00:18:41,080 Speaker 2: and anywhere else you get your podcasts. 334 00:18:41,160 --> 00:18:44,200 Speaker 1: You can also listen live each morning on London Dab Radio, 335 00:18:44,240 --> 00:18:46,840 Speaker 1: the Bloomberg Business app, and Bloomberg dot Com. 336 00:18:47,000 --> 00:18:49,760 Speaker 2: Our flagship New York station, is also available on your 337 00:18:49,800 --> 00:18:54,479 Speaker 2: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty. 338 00:18:54,720 --> 00:18:56,040 Speaker 2: I'm Caroline Hepka and. 339 00:18:56,000 --> 00:18:58,640 Speaker 1: I'm Stephen Carroll. Join us again tomorrow morning for all 340 00:18:58,680 --> 00:19:01,080 Speaker 1: the news you need to start your day right here 341 00:19:01,119 --> 00:19:02,480 Speaker 1: on Bloomberg day Break Europe. 342 00:19:05,560 --> 00:19:10,280 Speaker 9: Mm hmm.