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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with the latest from the G seven

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Speaker 3: Leader summit in Evion, France. President Trump has arrived at

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Speaker 3: the gathering touting an interim deal with Iran to reopen

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Speaker 3: the Strait of horror moves. The President says, the agreement

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Speaker 3: is already having an impact the neils.

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Speaker 4: O side, and these trainers already partially opened. As you know,

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Speaker 4: they're doing a little hunting for a couple of minds

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Speaker 4: they've already found. But it's essentially ships are starting to

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Speaker 4: go out.

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Speaker 5: Now.

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Speaker 4: On Friday, it'll be completely opened.

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Speaker 3: President Trump spoke alongside French President Emanuel Mcrowe at the

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Speaker 3: G seven. Vice President JD. Vance made the rounds on

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Speaker 3: television to defend the deal.

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Speaker 5: The Iranians don't get a dime unless they behave and

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Speaker 5: change their behavior. And this means that a rain will

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Speaker 5: never have a nuclear weapons.

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Speaker 6: That's what we did this at a dime.

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Speaker 7: Did they ever get an American dime, a taxpayer dollar?

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Speaker 2: No?

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Speaker 5: So, number one, first of all, they never get a

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Speaker 5: dime of America taxpayer money, ever, full stop, not even close.

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Speaker 3: Vice President JD. Van spoke with Fox News host Sean Hannity.

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Speaker 3: He's expected to represent the US when both sides signed

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Speaker 3: the deal on Friday.

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Speaker 2: Well, Nathan. Despite those assurances from President Trump and Vice

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Speaker 2: President Vance, European leaders are sounding less optimistic about this

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Speaker 2: Straight of Horror Moves reopening by Friday. Bloomberg Chief Europe

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Speaker 2: correspondent Oliver Crook is covering the G seven in Evyon.

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Speaker 8: There's also this effort by European leaders and their militaries

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Speaker 8: to potentially have this d mining mission that would go

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Speaker 8: to the Straight of Horror Moves, but they say they

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Speaker 8: can really only do that once they understand this peace

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Speaker 8: deal and once there is, you know, an actually durable

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Speaker 8: peace deal. There's also a real question about whether or

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Speaker 8: not some of these leaders, like Georgia Maloney, has suggested

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Speaker 8: that she doesn't really want to participate in anything until

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Speaker 8: there's a full deal that also includes Lebanon. So these

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Speaker 8: are some of the concerns I think that G seven

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Speaker 8: leaders will be having today.

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Speaker 2: And Bloomberg's Oliver Krook reports senior Administration officials are saying

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Speaker 2: it could take up to two weeks for shipping to

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Speaker 2: increase through this strait and even longer to return to

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Speaker 2: pre war levels. Today there will be a focus on

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Speaker 2: Ukraine along with Iran. Ukrainian President Vladimir Zelenski has arrived

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Speaker 2: in Evyon for a morning session focused on his country's

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Speaker 2: war with Russia.

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Speaker 3: And carent At least one key Gulf oil producers already

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Speaker 3: making plans for horror moves to reopen. Bloomberg News has

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Speaker 3: learned Katar plans to rapidly boost production of liquefied natural

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Speaker 3: gas once shipping through the waterway is restored. Katar Energy

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Speaker 3: is told buyers it plans to raise output to about

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Speaker 3: fifty percent capacity in the first month, then about eighty

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Speaker 3: percent a month later. The energy provider says full capacity

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Speaker 3: will take years to restore due to damage from Iranian

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Speaker 3: missile strikes.

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Speaker 2: Nathan, the side of oil continues this morning. Right now,

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Speaker 2: Brent is at eighty one dollars thirty nine cents a barrel,

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Speaker 2: Nimex Screwede oil at seventy eight dollars eighty seven cents.

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Speaker 2: Oil is now headed for its longest losing streak of

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Speaker 2: the year. It's down four days in a row. Both

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Speaker 2: Morgan Stanley and Goldman Sachs have cut price outlooks for

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Speaker 2: the coming quarters. In fact, Golman predicts Persian Gulf experts

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Speaker 2: will reach pre war levels by the end of July.

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Speaker 3: Meanwhile, the US emergency supply of crude oil KAREN has

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Speaker 3: fallen to its lowest level since nineteen eighty three, and

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Speaker 3: we get details from Bloomberg's Charlie Pellett.

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Speaker 9: It comes as the Trump administration moves toward completing its

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Speaker 9: plan to release one hundred and seventy two million barrels

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Speaker 9: to ease surging fuel prices spurred by the war in Iran.

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Speaker 9: The SPR the Strategic Petroleum Reserve, was created after the

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Speaker 9: Arab oil embargo of the early nineteen seventies. In March,

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Speaker 9: the US Energy Department announced the plan to release oil

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Speaker 9: from the Strategic Reserve as part of a coordinated effort

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Speaker 9: by nations around the world, less than two weeks after

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Speaker 9: the US and Israel launched attacks on Iran. In New York.

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Speaker 9: Charlie Pellett Bloomberg Radio.

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Speaker 2: Right, Charlie, thank you. Another news this morning. Eight people

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Speaker 2: have died after a B fifty two b crash shortly

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Speaker 2: after takeoff from a US Air Force base in southern California.

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Speaker 2: The aircraft was on a routine test mission when the

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Speaker 2: incident occurred. Deputy Commander Colonel James Hayes says they aren't

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Speaker 2: sure yet what led to the crash.

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Speaker 6: At this point, we don't have any indication as to

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Speaker 6: what the cause was of this. We won't be able

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Speaker 6: to release that information and we don't have an ability

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Speaker 6: to get that anytime soon.

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Speaker 2: And Colonel James Hayes says the investigation could take up

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Speaker 2: to six months to complete.

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Speaker 3: Turn Back to markets now, Karen stocks are coming off

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Speaker 3: a major rally on Wall Street. The Dow Jones Industrial

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Speaker 3: average closed at an all time high, the S and

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Speaker 3: P five hundred rows one point seven percent, while the

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Speaker 3: tech heavy Nasdaq one hundred added three point one percent.

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Speaker 2: Nathan's also shaping up to be another good day for

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Speaker 2: SpaceX investors. The stock is up ten point nine percent

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Speaker 2: in pre market trading, and that's building out it nearly

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Speaker 2: forty percent gain across its first two sessions a public company.

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Speaker 2: The Elon muss led company is now worth more than

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Speaker 2: two and a half trillion dollars. David Bauer is co

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Speaker 2: head of ECM America's at JP Morgan Chase.

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Speaker 7: It's all systems go to make a pun intended for SpaceX.

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Speaker 7: But I think if there's any hesitancy of you know,

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Speaker 7: should I continue to buy up twenty percent? I think

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Speaker 7: the answer is yes. And if you look long enough,

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Speaker 7: there's a you know, this is a business that could

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Speaker 7: be generationally transformational.

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Speaker 2: JP Morgan's David Bauer. SpaceX is now one of the

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Speaker 2: six biggest companies in.

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Speaker 3: The world, and that rally Karen has vaulted SpaceX CEO

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Speaker 3: Elon Musk to even loftier wealth levels. The world's first

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Speaker 3: trillionaires net worth throws more than ten percent to one

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Speaker 3: point two seven trillion dollars, and Musk wasn't the only

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Speaker 3: one to benefit. The five hundred richest people on the

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Speaker 3: globe added three hundred and thirty six billion dollars to

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Speaker 3: their collective fortunes. That is the biggest haul ever recorded

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Speaker 3: in a single day on the Bloomberg Billionaires Index.

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Speaker 2: And Asia Nathan, the Bank of Japan has raised interest

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Speaker 2: rates to a thirty one year high of one percent.

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Speaker 2: The BOJ hike borrowing caused by twenty five basis points

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Speaker 2: to a level na scene since nineteen ninety five. Cherry

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Speaker 2: On is Bloomberg's editor at large in Tokyo.

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Speaker 10: The BOG wants a pace of hikes to depend on

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Speaker 10: the Middle East to impact the economic outlook. Of course,

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Speaker 10: we'll be watching what the inflationary impact will be from

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Speaker 10: a piece seal if in fact that agreement sticks. So far,

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Speaker 10: we know that of course, Japan before the conflict imported

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Speaker 10: more than ninety percent of oil from the Middle East,

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Speaker 10: so this will be very consequential.

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Speaker 2: Bloomberg. Cary On also reports the BOJ plans to keep

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Speaker 2: raising rates in response to developments in the economy and prices, and.

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Speaker 3: Karen more central banks than ever expect to increase their

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Speaker 3: gold reserves, and a survey of seventy four central banks,

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Speaker 3: forty five percent said they planned to buy in the

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Speaker 3: coming year. Gold prices more than doubled over the past

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Speaker 3: three years, but some of those gains have been erased

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Speaker 3: after the Middle East War. Fuel bets that interest rates

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Speaker 3: will need to stay higher for longer, and checking gold

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Speaker 3: prices right now in the COMEX, they're four tenths of

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Speaker 3: one percent. Gold's trading at forty three hundred and sixty

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Speaker 3: seven dollars ninety cents per rounds.

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Speaker 2: Well. Speaking of gold, Nathan, let's talk about merchandise for

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Speaker 2: the New York Knicks. They are now the top selling

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Speaker 2: championship team on online sportsseller Fanatics. Bloomberry's Tom Busby has

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Speaker 2: the numbers.

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Speaker 6: That's over.

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Speaker 3: That's over.

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Speaker 9: Nick fans, this is not a dream. Your long long

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Speaker 9: wait is ended.

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Speaker 11: Just after New York's victory on Saturday night, Fanatics released

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Speaker 11: more than three hundred Nick branded championship hats, hoodies, t shirts,

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Speaker 11: and other products. At one point, the company said it

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Speaker 11: was taking in eight thousand orders per minute added up,

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Speaker 11: and the Knicks are now the top selling championship team

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Speaker 11: ever on the site, topping the NFL's Philadelphia Eagles for

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Speaker 11: the record for sales in the twenty four hour period

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Speaker 11: after winning a title. Tom Busby Bloomberg Radio.

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Speaker 2: Time Now for look at some of the other story

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Speaker 2: or he's making news in New York and around the world,

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Speaker 2: and for that were joined by Bloomberg, John Tucker, John

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Speaker 2: good morning.

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Speaker 12: Yeah, Good morning. Carry in New Jersey and investigation under

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Speaker 12: way after an ICE agent fired a weapon Monday morning

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Speaker 12: in Ocean County. A person fled the scene in a vehicle,

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Speaker 12: striking the agent during the encounter. Local residents aren't too happy.

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Speaker 2: All different kinds of police that you could imagine that

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Speaker 2: we've never seen in our lives.

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Speaker 7: Like they're all parking in our parking lot, and we're like,

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Speaker 7: what is going on here?

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Speaker 12: According to local police, an Ice agent was attempting to

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Speaker 12: apprehend somebody in a vehicle in Manahawken. It's unknown if

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Speaker 12: the driver was struck. No official response from the Trump

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Speaker 12: Justice Department after California Governor Gaba Newsom claimed he and

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Speaker 12: his wife are under federal investigation because of his vocal

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Speaker 12: opposition to President Trump.

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Speaker 7: He's coming after me because I'm considering running for president.

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Speaker 12: The Newsom says. Federal agents have knocked in the doors

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Speaker 12: of his family, friends, and former employees. The source tells

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Speaker 12: Bloomberg Justice Department probing whether Newsom had any knowledge or

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Speaker 12: took part in the alleged corruption of his former chief

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Speaker 12: of staff. Republicans are sent to finalize their picks and

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Speaker 12: marquee races for US Senate and governor in a state

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Speaker 12: primary runoff election today in Georgia, Representative Mike Collins and

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Speaker 12: former University of Tennessee football coach Derek Dooley are the

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Speaker 12: finalists for the Republican nomination to challenge Senator John Also

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Speaker 12: in November, President Trump endorsed Collins at a runoff. Louisiana

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Speaker 12: and Texas faced several days of heavy rain, bringing a

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Speaker 12: risk of flaunts as a potential tropical store arm tries

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Speaker 12: to organize in the western growth of Mexico, a broad

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Speaker 12: area stretching from Texas to Jackson, Mississippi. Forecaster receive four

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Speaker 12: to five days of heavy rain. Global news twenty four

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Speaker 12: hours a day and whenever you want it with Bloomberg News. Now,

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Speaker 12: I'm John Tucker, and this is Bloomberg.

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Speaker 2: Karen Hey sean time now for our Bloomberg Sports update,

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Speaker 2: and for that we bring in John stash Hour.

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Speaker 13: Thanks Garny. Twist in the Brendan Sorsby Sagey. He's the

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Speaker 13: Texas Tech quarterback ruled ineligible by the NCAA after he

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Speaker 13: admitted the heavy betting on games. Judge then ruled in

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Speaker 13: his favor to allow him to play. That ruling was

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Speaker 13: heavily criticized, and now Soresby is going pro. He can

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Speaker 13: be taken in an NFL supplemental draft. Four World Cup

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Speaker 13: games were played and they all ended a tie. Including

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Speaker 13: stunning scoreless game between Spain, ranked second in the world,

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Speaker 13: and Cape Verde, who had never before played a World

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Speaker 13: Cup game. That to Bloomberg Sports Update.

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Speaker 2: Stay with us more from Bloomberg Daybreak coming up after this.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hager. President Trump is using the

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Speaker 3: G seven Leader Summit in France to tout his interim

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Speaker 3: deal with Iran to reopen the Strait of Hormuz, and

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Speaker 3: Vice President jd Vance has been making the TV rounds

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Speaker 3: to boost the agreement as well.

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Speaker 5: Their conventional military is destroyed, their nuclear weapons program is destroyed.

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Speaker 5: The Strait of horror moves is now open. Now we

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Speaker 5: have two pathways on good to It is open toll free,

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Speaker 5: and that's very explicit in the agreement.

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Speaker 4: Now.

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Speaker 3: Was Vice President Jadvan speaking with Sean Hannity on Fox

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Speaker 3: News last night for more on how the deal is

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Speaker 3: being received at the G seven. We're joined by Bloomberg

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Speaker 3: Chief Europe Correspondent Oliver Krook, who's covering this year's gathering

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Speaker 3: in Evyon, France. Oliver is the deal being well received

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Speaker 3: among g seven lies.

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Speaker 7: Good morning, I mean good morning.

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Speaker 8: I mean the initial reaction, obviously by European leaders and

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Speaker 8: probably the rest of the world, was that sigh of

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Speaker 8: relief that there was sort of an end to the

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Speaker 8: most kinetic part of this war, that we can transition

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Speaker 8: from something from a ceasefire to something a little bit

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Speaker 8: more durable. But shortly after that we really have the

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Speaker 8: questions flowing in, right, what is this actual deal, what

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Speaker 8: is the timeline for it, what are the milestones, and critically,

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Speaker 8: what is Iran actually agreed to? You know, the Europeans

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Speaker 8: from the very beginning, as we've heard from a menu

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Speaker 8: and my col and they said this, And they're also

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Speaker 8: willing to help sort of militarily on the day after

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Speaker 8: once you have a more sort of established peace proposal

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Speaker 8: to help, for example, d mind the straight of Horror

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Speaker 8: moves to sort of, you know, make the sort of

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Speaker 8: security arrangement on her moves a little bit stronger. But

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Speaker 8: they're really only willing to do that if they can

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Speaker 8: get their heads around what is exactly.

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Speaker 1: In this deal.

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Speaker 8: There's also the question of the toll We heard from

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Speaker 8: the Iranians that it's only going to be toll free

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Speaker 8: for about sixty days. So these are a lot of

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Speaker 8: the questions for the leaders here. Speaking with Donald Trump,

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Speaker 8: we should say they're sitting around the table with him

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Speaker 8: right now. An additional complication, for example, the Italians have

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Speaker 8: said Georgia Maloney that they're only going to get in

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Speaker 8: on this and help the United States with that arrangement

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Speaker 8: if there's a deal not just with Iran but also

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Speaker 8: for Lebanon. So there are a ton of questions here

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Speaker 8: for the leaders. We should say that the Europeans are

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Speaker 8: also relevant here because they have a number of economic

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Speaker 8: sansions on Iran. If the US wants to have the

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Speaker 8: sort of sanctioned relief be part of that proposal, the

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Speaker 8: Europeans really need to understand the deal, and I think

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Speaker 8: it's fair to say at the moment a they don't

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Speaker 8: particularly understand it, and there's a bit of skepticism about

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Speaker 8: sort of how robust it is.

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Speaker 3: So what are the challenges ahead of the signing ceremony

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Speaker 3: on Friday? Are we expecting our European leaders expecting any

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Speaker 3: answers on some of those questions before that?

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Speaker 8: Signing, well, they're hoping to get some leader. I saw

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Speaker 8: my answers from the president himself. As I mentioned, they're

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Speaker 8: having their Ukraine session right now, so we have the

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Speaker 8: G seven leaders are around the table right now with

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Speaker 8: Vlodimir Zelenski having that conversation. We should say that at

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Speaker 8: noon here, so in about forty five minutes time you

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Speaker 8: have the main Middle Eastern session. I think that that's

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Speaker 8: where you're going to get a lot of the discussion

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Speaker 8: about what the picture looks like going forward in the

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Speaker 8: Gulf and the straight of horror moves in the future.

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Speaker 8: We should say they're also joined not just by the

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Speaker 8: G seven, but also the leaders of Katar, the UAE

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Speaker 8: and Egypt. So these guys are going to be people

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Speaker 8: who are very active in the sort of architecture for

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Speaker 8: the next day. There's also been a report doing the

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Speaker 8: rounds from the Financial Times that the US is thinking

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Speaker 8: potentially about this reconstruction fund that could be you know,

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Speaker 8: three hundred billion dollars. It could involve the golf countries,

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Speaker 8: and that would really set the kind of carrot side

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Speaker 8: of this equation. The Americas have been dealing really with

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Speaker 8: the stick with the military intervention in Iran to try

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Speaker 8: to motivate them to do what the United States would like.

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Speaker 8: This would be a way to kind of sweeten it

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Speaker 8: and create a sort of carrot. Whether or not that

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Speaker 8: will be effective for the Iranians is entirely a different question.

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Speaker 8: But again, Nathan, we're just trying to make sense of

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Speaker 8: all this information as it's coming through and look at

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Speaker 8: what the sort of power dynamic is going to look

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Speaker 8: like in a couple of days.

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Speaker 3: Unfortunately, Alli, we have just thirty seconds left. But you

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Speaker 3: mentioned Ukraine's president is there, what's on the agenda as

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Speaker 3: far as Ukraine.

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Speaker 8: Goes, Yeah, I think for Zelenski, really the main issue

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Speaker 8: here is the President of the United States is Donald Trump.

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Speaker 8: Yesterday said that basically now that we're all done and

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Speaker 8: dusted with Iran, he's ready to re engage with Ukraine

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Speaker 8: with Russia. For the Ukrainians, of course, they want him

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Speaker 8: to re engage in a way that is positive. So

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Speaker 8: it's really a moment for him right now literally as

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Speaker 8: we speak, to convince the President of the United States

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Speaker 8: to sort of craft with the next chapter of American

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Speaker 8: involvement would look like in Ukraine. And we should say

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Speaker 8: that since the Americans checked out of that process. The

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Speaker 8: Ukrainians are in a much more dominant position. We could

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Speaker 8: point to just the strikes overnight with the Ukrainians striking

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Speaker 8: and oil refinery right near the Russian Federation's capital in Moscow.

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