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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, Karen.

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Speaker 3: Nearly a month into a fragile ceasefire in the Middle East,

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Speaker 3: the US and Iran have been trading fire again. This morning.

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Speaker 3: A relative calm has returned, but not before US Central

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Speaker 3: Command says the military fought off Iranian drones, missiles, and

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Speaker 3: small armed boats as it guided two US flagged vessels

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Speaker 3: through the Strait of Horror moves. The United Arab Emirates

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Speaker 3: says it has also intercepted Iranian cruise missiles and taken

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Speaker 3: a hit to its for jeraport from an Iranian drone.

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Speaker 3: We get more from Bloomberg's Jumana Borsecci in Dubai.

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Speaker 4: As a resident of the UAE. In the evening yesterday,

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Speaker 4: we received multiple missile alert techts throughout the course of

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Speaker 4: the night. This happens after an Adnok tanko was reportedly

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Speaker 4: targeted by an Iranian drone and then also emerged in

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Speaker 4: the evening. That's Randy and Drown had also managed to

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Speaker 4: intercept uaeas air defense system and cause some damage at

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Speaker 4: an oil exporting facility, and this is the first time

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Speaker 4: we got such an incident. And as you say, the

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Speaker 4: four weeks since the seasfire.

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Speaker 3: Bloomberg's Jumanibers sets your reports. All this is raising questions

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Speaker 3: now about whether the seasfire has been broken well.

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Speaker 2: Nathan Chevron says the conflict has forced the company and

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Speaker 2: other oil majors to reduce Middle East production. CEO Mike

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Speaker 2: Wirth says he's been warning the White House that supplies

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Speaker 2: are tightening. He spoke to Bloomberg at the Milk and

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Speaker 2: Global Conference in Los Angeles.

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Speaker 5: My advice to the President really relates to energy markets,

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Speaker 5: not to diplomacy and negotiations. And you know, I've advised

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Speaker 5: people in the administration that the buffers and the system

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Speaker 5: that help ensure supplies are available to markets are being

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Speaker 5: drawn down. And what that does. That creates more upside

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Speaker 5: price pressure, potentially more volatility and more risk.

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Speaker 2: And you can see our entire interview with Chevron's CEO,

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Speaker 2: Mike and dozens of others from the Milk and Global conference.

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Speaker 2: They're all on our new video experience on the Bloomberg

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Speaker 2: Business app.

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Speaker 6: Karen.

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Speaker 3: Officials are investigating a shooting not far from the White House.

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Speaker 3: The Secret Service says law enforcement shot an unidentified man

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Speaker 3: near the Washington Monument after he opened fire on them.

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Speaker 3: Secret Service Deputy Director Matt Quinn says agents were called

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Speaker 3: about a suspicious person who appeared to be carrying a

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Speaker 3: firearm pawn making contact.

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Speaker 7: That individual fled briefly on foot, withdrew a firearm and

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Speaker 7: fired fired in the direction of our agents and officers.

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Speaker 7: They returned fire and engaged That individual was hit.

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Speaker 3: Secret Service Deputy Director Matt Quinn says a teenager was

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Speaker 3: also shot, but not seriously hurt. A motorcade with Vice

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Speaker 3: President jd Vance had passed through the area shortly before

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Speaker 3: the confrontation, but the Secret Service says there is no

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Speaker 3: indication he was a target.

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Speaker 2: Nathan Senate Republicans have unveiled their plans to pay for

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Speaker 2: President Trump's immigration enforcement agenda for the rest of his term.

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Speaker 2: The bills from the Homeland, Security and Judiciary committees would

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Speaker 2: greenlight a combine seventy one point seven billion dollars for

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Speaker 2: Immigration and Customs enforcement and Customs and Border Protection. The

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Speaker 2: Secret Service would also receive a billion dollars for security

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Speaker 2: enhancements to the President's White House Ballroom project, Republicans could

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Speaker 2: move the bills through the Senat as soon as next

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Speaker 2: week without Democratic votes under the Budget Reconciliation Process KARENT.

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Speaker 3: Some key elections are on the docket today. Ohio is

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Speaker 3: holding statewide primaries and prominent ally of President Trump's running

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Speaker 3: for an open governor's seat and their competitive races for

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Speaker 3: the House and Senate as well. Bloomberg's Amy Morris reports

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Speaker 3: from Washington.

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Speaker 1: The race to replace outgoing Republican Governor Mike DeWine includes

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Speaker 1: Trump backed tech entrepreneur vivek Ramaswami. The winner will face

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Speaker 1: doctor Amy Acton, who is unopposed for the Democratic nomination.

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Speaker 1: In the Senate race, former Senator Shared Brown is running

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Speaker 1: to reclaim his old job. He faces Ron for the

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Speaker 1: Democratic nomination. One of the notable House races features a

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Speaker 1: crowded Republican field competing to take on twenty two term

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Speaker 1: in combat Democrat Marcy Captor in the ninth Congressional district

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Speaker 1: in Washington. Amy Moore as Bloomberg Radio Right.

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Speaker 2: Amy, thank you. Let's turn to the markets now, and

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Speaker 2: futures are higher following yesterday's war related declines. Still, the

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Speaker 2: S and P five hundred out more than five percent

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Speaker 2: this year. Well, the Nasdaq is up almost eight percent.

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Speaker 2: Stuart Kaiser, as head of US equity trading strategy at City.

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Speaker 8: You know, on our estimates, retail is accounting for about

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Speaker 8: seven and a half percent of equity trading volumes. That

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Speaker 8: number was as high as eleven or twelve earlier in

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Speaker 8: the year, and as high as fifteen back in October,

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Speaker 8: So retail is present. But I do think this is

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Speaker 8: more institutional in the US, so hedge funds getting their

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Speaker 8: risk up, and then frankly, I think international investors have

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Speaker 8: gravitated back towards the US similar to the way they

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Speaker 8: did last April.

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Speaker 2: And City Stuart Kaiser also says better than expected earnings

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Speaker 2: have helped fuel the market rally, and.

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Speaker 3: Karen Pallenteer is of the those companies that have topped

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Speaker 3: earnings estimates and raised their revenue outlook for the year.

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Speaker 3: Havarn Pallenteer's case, the tech company also posted disappointing commercial

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Speaker 3: sales in the US for the first quarter. Stock is

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Speaker 3: down more than three percent.

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Speaker 2: Let's look at the flip side, Nathan shares of Intel.

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Speaker 2: They are up more than three percent in early trading.

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Speaker 2: Bloomberg News has learned. Apple has held discussions about using

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Speaker 2: Intel and Samsung Electronics to produce the main processors for

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Speaker 2: its devices. Beget the story with Bloomberg's John Tucker.

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Speaker 9: Sources see The iPhone and iPad maker has had early

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Speaker 9: stage talks with Intel about enlisting the company's chip making services. Meanwhile,

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Speaker 9: Apple executives had made visits to a Samsung plant under

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Speaker 9: development in Texas that will also make advanced chips. For

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Speaker 9: more than a decade, Apple has designed the main processors

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Speaker 9: known as systems on a chip that power its devices

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Speaker 9: and relied on Taiwan's semiconductor manufacturing to build them using

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Speaker 9: the most advanced production processes in Taiwan. Apple is considering

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Speaker 9: additional supply due to supply chain disruptions, including recent shortages

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Speaker 9: driven by the buildout of AI data centers and hired

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Speaker 9: demand for max, which has constrained the company's growth. I'm

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Speaker 9: John Tucker, Bloomberg Radio John Thanks.

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Speaker 3: In Europe, shares of HSBC are down about six percent.

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Speaker 3: The London based bank reported profit that missed estimates. HSBC

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Speaker 3: was weighed down by an unexpected fraud related charge in

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Speaker 3: the UK and rising economic risks from the conflict in

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Speaker 3: the Middle.

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Speaker 2: East and Nathan a fine for Elon Musk. The billionaire

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Speaker 2: has agreed to pay one and a half million dollars

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Speaker 2: to settle SEC allegations that he cheated Twitter shareholders in

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Speaker 2: twenty twenty two by failing to properly disclose his growing

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Speaker 2: stake in the social media company. It's a much smaller

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Speaker 2: penalty than what must attorney says the SEC initially sought.

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Speaker 2: A letter from twenty twenty four seen by Bloomberg News

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Speaker 2: shows the agency asked Musk to pay more than two

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Speaker 2: hundred million dollars to settle. Time now for a look

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Speaker 2: at some of the other stories making news in New

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Speaker 2: York and around the world, and for that we're joined

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Speaker 2: by Bloomberg's Michael bar Michael, good morning, Good morning Karen.

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Speaker 10: A close call at Newark Airport is raising new concerns

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Speaker 10: about aviation safety. Investigators say a United Airlines jet came

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Speaker 10: within feet of disaster when it struck a tractor trailer

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Speaker 10: and light poll while landing. There were no injuries on

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Speaker 10: board the plane. United now has removed the flight crew

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Speaker 10: from duty and is pledging a thorough investigation along with

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Speaker 10: the NTSB. Transportation Secretary Sean Duffy.

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Speaker 9: This is unacceptable. We having low We have some really

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Speaker 9: well trained palads.

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Speaker 5: This is one This should never happen in America.

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Speaker 10: The driver of the truck was treated for minor injuries

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Speaker 10: and is okay. The sudden collapse of Spirit Airlines is

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Speaker 10: not only affecting travel, it's affecting local economies. Near Pittsburgh,

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Speaker 10: the executive director of Arnold Palmer Regional Airport, Maurice Hunts,

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Speaker 10: says the loss of flights will force downsizing.

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Speaker 2: We hate to do that because it's one big family

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Speaker 2: here at the airport.

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Speaker 8: I mean a lot of people put their heart and

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Speaker 8: soul in making this place thrive.

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Speaker 10: Airport director Maurice has says they will have to let

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Speaker 10: people go until they can find a replacement airline, and

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Speaker 10: that could be a few months from now to maybe

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Speaker 10: a year. New York City officials say that anti Semitic graffiti,

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Speaker 10: including swastikas, were spray painted on Jewish homes and synagogues,

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Speaker 10: and queens congrets at a synagogue are angry.

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Speaker 11: I really lived in a comforting cocoon.

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Speaker 2: I grew up in forest shelles, and I felt, Oh,

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Speaker 2: it can't happen here.

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Speaker 10: Police say that no arrests have been made. A spokesman

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Speaker 10: f Rudy Giuliani says the former New York City mayor

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Speaker 10: is now breathing on his own. Spokesman Ted Goodman says

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Speaker 10: though Giuliani is still in critical condition as he recovers

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Speaker 10: from pneumonia in a Florida hospital. Goodman said that the

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Speaker 10: lung infection had overwhelmed Giuliani and that he had required

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Speaker 10: a ventilator to breathe. It's unclear when the eighty one

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Speaker 10: year old former mayor was hospitalized. Global News twenty four

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Speaker 10: hours a day and whenever you want it with Bloomberg

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Speaker 10: News Now. I'm Michael Barrn. This is Bloomberg Cameron.

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Speaker 2: Thanks Michael. Time now for our Bloomberg Sports updating. For that,

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Speaker 2: we bring in John stash Hour.

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Speaker 10: Thanks Darren.

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Speaker 6: How hot are the next? They've won four straight playoff games.

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Speaker 6: They've been by fourteen points, then by twenty nine fifty one,

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Speaker 6: and last night in New York a thirty nine point

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Speaker 6: round of Philadelphia in Game one of that playoff series

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Speaker 6: in the West Minnesota one by two in San Antonio

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Speaker 6: to take the opener of that series. Carolina Hurricanes undefeated

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Speaker 6: the Stanley Cup playoffs. They beat Philadelphia three two and

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Speaker 6: over time they leave the series two zip. Vegas won

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Speaker 6: Game one from Anaheim Yankees over Baltimore twelve to one.

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Speaker 6: The Yanks have one sixteen of eighteen. That's the Bloomberg

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Speaker 6: Sports Upteate.

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Speaker 1: Stay with us.

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Speaker 2: More from Bloomberg day Break coming up after this.

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Speaker 5: Coast to coast.

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Speaker 3: I'm Bloomberg Radio nationwide on Sirius XM and around the

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Speaker 3: world on Bloomberg dot Com and the Bloomberg Business app.

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Speaker 3: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Tensions

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Speaker 3: in and around the Strait of Horror moves are flaring

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Speaker 3: into open fire between the US and Iran, nearly a

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Speaker 3: month into their ceasefire, but after more than two months

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Speaker 3: of war, President Trump says it had to be done.

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Speaker 11: Can't let them have a nuclear weapon?

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Speaker 2: Where are you going to have?

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Speaker 8: You have problems like nobody would believe, and it's going

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Speaker 8: very well.

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Speaker 3: Was President Trump, speaking at a small business summit at

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Speaker 3: the White House yesterday. Joining us this morning from Dubai

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Speaker 3: is Bloomberg's head of Middle East coverage, Stuart Livingstone Wallace, Stuart,

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Speaker 3: it's good to speak with you this morning. How are

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Speaker 3: things going. How fragile is the ceasefire this morning? Good morning, Good.

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Speaker 11: Morning, Nathan. I mean, I think it's fair to say

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Speaker 11: it is fragile, but in some respects it's been fragile

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Speaker 11: since day one. I mean, we did have sort of

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Speaker 11: open fire within the first couple of days of the ceasefire,

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Speaker 11: and as you said, you know, things already hotted up yesterday.

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Speaker 11: Now that largely seems to have been triggered by this

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Speaker 11: US attempt to open a passageway through or moves. They

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Speaker 11: did get at least a couple of ships through that

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Speaker 11: we're of. You know, there were a couple of US

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Speaker 11: Navy ships that went through. There was a commercial ship

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Speaker 11: that went through, and the response I think from the

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Speaker 11: Iranian side was to, you know, dramatically try and close

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Speaker 11: it again. So we had fire on commercial shipping around

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Speaker 11: the UAE. We had you know, missiles and drones take

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Speaker 11: off again again headed towards US. Now they were largely

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Speaker 11: successfully intercepted, but it is sort of, I guess a

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Speaker 11: warning to us all that, yes, we are in the

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Speaker 11: middle of US eas far, but it's a pretty fragile

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Speaker 11: one and it's quite hard to see just what the

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Speaker 11: definitive agreement will look like when both sides are clearly

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Speaker 11: determined to keep pressing out.

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Speaker 3: So, after the flare ups that we've seen over the

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Speaker 3: last twenty four hours, are we back to a point

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Speaker 3: that we were sort of at the height of the war,

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Speaker 3: where we're asking whether other countries are going to get

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Speaker 3: thrown into this conflict, particularly with the UAE intercepting some

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Speaker 3: of the fire it's taken recently.

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Speaker 11: Yeah, I mean I don't think we're quite there yet. Again,

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Speaker 11: you'll hear the hesitancy in my voice, because it's been

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Speaker 11: very hard to predict what the next steps in any

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Speaker 11: of this conflict are. I mean, it's one unprecedented a

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Speaker 11: vendor after another, starting from the closure of Horror moves

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Speaker 11: to you know, to Iran directly attacking the Gulf States.

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Speaker 11: So in terms of what comes next, I think the

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Speaker 11: US administration is probably going to want to wait and

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Speaker 11: see a few days at least whether this new initiative

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Speaker 11: to open up hor Moos has some impact, whether that

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Speaker 11: can be sustained. And also looking at the Iranian side,

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Speaker 11: I mean, one thing that's certainly come up in conversations

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Speaker 11: today is what exactly is the Iranian strategy here beyond

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Speaker 11: blocking horn moves forever. You know, what exactly do they

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Speaker 11: want out of this? Do they truly expect the US

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Speaker 11: administration to walk away from its red lines that are

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Speaker 11: set out with regard to the nuclear file, ballistic missile

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Speaker 11: support for Broxies, you know, all these hugely important issues.

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Speaker 11: And again that's something that we'll see, you know, over

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Speaker 11: the next week or two how that develops. In the meantime,

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Speaker 11: we have, certainly Pakistan, but I'm sure lots of other

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Speaker 11: interested parties working hard behind the scenes to try and

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Speaker 11: get the two sides talking again. If you recall we

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Speaker 11: had that sort of rather aborted at term to the

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Speaker 11: second round of talks in Islamabad. What was that now

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Speaker 11: a couple of weeks ago. Again, I think there's a

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Speaker 11: great appetite out there to try and find some common ground.

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Speaker 11: But right now that I don't think anyone's already seeing it.

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Speaker 3: Only about thirty seconds or so left here Stewart. But

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Speaker 3: is there a sense this morning from where you are

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Speaker 3: that the ceasefire is broken now or is there still

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Speaker 3: a chance that it could be holding.

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Speaker 11: I mean, again, as got back to my original answer,

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Speaker 11: and what does cease far look like I mean, in fairness,

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Speaker 11: all sease fars across this region have been rather patchy,

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Speaker 11: you know, in terms of the multiple conflicts would have

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Speaker 11: over the last three years. As things stand right now,

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Speaker 11: and it is just right now, it appears reasonably calm.

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Speaker 11: We've had no fresh reports of attacks on shipping, We've

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Speaker 11: had no fresh missile alerts here in the UAE. So

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Speaker 11: as things stand pretty calm relative to the current environment.

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Speaker 11: And again I think there is great appetite out there

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Speaker 11: to try and move things forward, because you know, right

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Speaker 11: where we are now is having a ripple effect across

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Speaker 11: the global economy that's not good for anyone.

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