1 00:00:02,480 --> 00:00:05,880 Speaker 1: Live from the Bloomberg Interactive Brokers studios. This is Bloomberg 2 00:00:05,960 --> 00:00:09,800 Speaker 1: day Break for Monday, March two. Coming up this hour, 3 00:00:10,039 --> 00:00:12,639 Speaker 1: a Boeing jet with more than one hundred thirty people 4 00:00:12,640 --> 00:00:17,360 Speaker 1: on board reportedly crashes in China. Ukraine rejects Russia's latest demands. 5 00:00:17,360 --> 00:00:19,439 Speaker 1: As the war years the end of its first month, 6 00:00:19,520 --> 00:00:22,599 Speaker 1: President Biden hosts a call with European leaders to discuss 7 00:00:22,680 --> 00:00:25,360 Speaker 1: the war, and oil surges for a third day with 8 00:00:25,520 --> 00:00:28,320 Speaker 1: no end to the war in sight. Confirmation hearings begin 9 00:00:28,400 --> 00:00:32,240 Speaker 1: today for President Biden. Supreme Court nominee plus Justice Clarence 10 00:00:32,240 --> 00:00:36,040 Speaker 1: Thomas's hospitalized. I'm Michael barn More Ahead, I'm John Stash 11 00:00:36,040 --> 00:00:38,520 Speaker 1: Aaron Sports. The n C Double A tournament field trimmed 12 00:00:38,560 --> 00:00:41,000 Speaker 1: to sixteen, a win for the Rangers, losses for the 13 00:00:41,040 --> 00:00:46,600 Speaker 1: Islanders and Nicks. That's all straight Ahead on Bloomberg day 14 00:00:46,600 --> 00:00:51,560 Speaker 1: Break on Bloomberg Gilman Treo, New York, Bloomberg one, Washington, 15 00:00:51,680 --> 00:00:55,800 Speaker 1: d C, Bloomberg one O six one, Boston, Bloomberg nine sixties, 16 00:00:55,800 --> 00:00:59,960 Speaker 1: San Francisco, Sirius XM one nineteen and around the world. 17 00:01:00,000 --> 00:01:03,200 Speaker 1: Old on Bloomberg Radio dot Com and via the Bloomberg 18 00:01:03,240 --> 00:01:10,520 Speaker 1: Business at and good morning. I'm John Tucker, I'm Nathan Hagar. 19 00:01:10,560 --> 00:01:12,640 Speaker 1: Futures are moving a touch lower to start the week. 20 00:01:12,640 --> 00:01:14,479 Speaker 1: We're coming up to five oh one on Wall Street. 21 00:01:14,520 --> 00:01:16,760 Speaker 1: We checked the markets every fifteen minutes during the training, 22 00:01:16,800 --> 00:01:19,440 Speaker 1: Dawn Bloomberg. Right now, SMP features are down six and 23 00:01:19,440 --> 00:01:21,640 Speaker 1: a half point STAF futures down ninety one. Nest A 24 00:01:21,720 --> 00:01:25,080 Speaker 1: features are lower by sixty. The tenure treasury is down 25 00:01:25,240 --> 00:01:28,160 Speaker 1: nine thirty seconds. Yield two point one eight percent, yield 26 00:01:28,160 --> 00:01:30,959 Speaker 1: on the two year one point nine seven percent. Nim 27 00:01:31,040 --> 00:01:33,000 Speaker 1: X screwed up four and a half percent or four all. 28 00:01:33,000 --> 00:01:35,319 Speaker 1: There's seventy one cents at a hundred nine dollars forty 29 00:01:35,319 --> 00:01:38,080 Speaker 1: one cents a barrel. COMEXS goal down a tenth percent 30 00:01:38,160 --> 00:01:41,440 Speaker 1: or two dollars forty cents at nine fifty announced John 31 00:01:41,760 --> 00:01:43,320 Speaker 1: and Nathan. We're gonna have more of the markets in 32 00:01:43,400 --> 00:01:46,080 Speaker 1: a minute. But first we have breaking news out of Asia, 33 00:01:46,440 --> 00:01:49,960 Speaker 1: the reports of a commercial plane crash in China, and 34 00:01:50,000 --> 00:01:53,280 Speaker 1: Bloomberg's Michael Barr is joining us slide with the very latest. Michael, 35 00:01:53,280 --> 00:01:56,680 Speaker 1: good morning, Good morning, John. Chinese media reports of Boeing 36 00:01:56,880 --> 00:02:00,680 Speaker 1: seven thirty seven n G carrying one to thirty three 37 00:02:00,720 --> 00:02:05,400 Speaker 1: passengers has crashed in southwestern China. Radar tracking from flight 38 00:02:05,520 --> 00:02:09,800 Speaker 1: Radar twenty four shows that China Eastern Airlines flight took 39 00:02:09,800 --> 00:02:12,400 Speaker 1: a steep descent and as it was heading toward the 40 00:02:12,440 --> 00:02:16,359 Speaker 1: province of gong Zoo. The New York Times says local 41 00:02:16,360 --> 00:02:19,359 Speaker 1: officials saw flames and smoke rising from a hillside in 42 00:02:19,440 --> 00:02:23,480 Speaker 1: the area. Chinese State TVs as a rescue team has 43 00:02:23,520 --> 00:02:27,440 Speaker 1: assembled and is approaching the site. So far, China Eastern 44 00:02:27,520 --> 00:02:30,480 Speaker 1: and Boeing have not been available for a common in 45 00:02:30,560 --> 00:02:34,239 Speaker 1: New York. Michael Barn Bloomberg Daybreak. Thanks Michael shares a 46 00:02:34,280 --> 00:02:37,640 Speaker 1: bowling down six percent in early trading following that reported 47 00:02:37,680 --> 00:02:40,000 Speaker 1: crash of Churse. We're gonna bring you the latest details 48 00:02:40,080 --> 00:02:43,040 Speaker 1: all morning right here on Bloomberg Radio. Of course you 49 00:02:43,120 --> 00:02:45,080 Speaker 1: will John. In the meantime, we continue to shift our 50 00:02:45,120 --> 00:02:48,240 Speaker 1: focus to the war in Ukraine as intense attacks continue. 51 00:02:48,440 --> 00:02:53,200 Speaker 1: Ukraine is rejecting Russia's demand to surrender Maria Paul Bloomberg said, 52 00:02:53,240 --> 00:02:56,120 Speaker 1: Baxter has the details. The Kremlin has said that if 53 00:02:56,160 --> 00:02:59,840 Speaker 1: that was done, it would open humanitarian lanes. Ukraine said no, 54 00:03:00,240 --> 00:03:03,480 Speaker 1: and Defense Secretary Lloyd Austin says the Russians may not 55 00:03:03,600 --> 00:03:05,919 Speaker 1: be able to take Marapo. You haven't taken it yet. 56 00:03:05,960 --> 00:03:09,800 Speaker 1: And we've seen in the past that the Ukrainians have counterattacked, 57 00:03:10,280 --> 00:03:13,720 Speaker 1: that they've they've used their initiative to to move things 58 00:03:13,760 --> 00:03:17,120 Speaker 1: around on the battlefield uh And and they presented some 59 00:03:17,160 --> 00:03:21,400 Speaker 1: significant problems for the for the Russians. Meanwhile, more U 60 00:03:21,480 --> 00:03:24,480 Speaker 1: S weaponry is expected to arrive in the next few days. 61 00:03:25,000 --> 00:03:28,079 Speaker 1: In San Francisco, I'm at Baxter Bloomberg Daybreak, I said 62 00:03:28,200 --> 00:03:31,760 Speaker 1: Ukraine's President philodiprs Zalinski is asking for more help. He 63 00:03:31,800 --> 00:03:35,800 Speaker 1: address to Israel's parliament calling out hesitancy to provide military 64 00:03:35,840 --> 00:03:40,880 Speaker 1: aid and join in international sanctions against Moscow did not. 65 00:03:42,200 --> 00:03:44,760 Speaker 1: Could you explain why we are still appealing to the 66 00:03:44,800 --> 00:03:48,520 Speaker 1: world in many countries appealing to you for help. Is 67 00:03:48,560 --> 00:03:53,200 Speaker 1: it in different calculation or mediation without choosing side. I 68 00:03:53,280 --> 00:03:55,760 Speaker 1: leave it to you to choose the answer to this question. 69 00:03:56,120 --> 00:04:00,880 Speaker 1: I only note one thing that indifferent skills Koinian for insident. 70 00:04:00,920 --> 00:04:04,320 Speaker 1: Zelinski has renewed. He's offered to negotiate with Russia's Vladimir 71 00:04:04,360 --> 00:04:07,640 Speaker 1: Putin and a. Zelinsky says Moscow is starting to use 72 00:04:07,720 --> 00:04:11,839 Speaker 1: more destructive artillery in its attacks for President Biden heads 73 00:04:11,880 --> 00:04:14,840 Speaker 1: to Brussels for NATO summit this week John, but before 74 00:04:14,880 --> 00:04:18,400 Speaker 1: that trip, he talks with European and UK leaders. This morning. 75 00:04:18,680 --> 00:04:22,480 Speaker 1: Amy Morris has details from our Bloomberg news room in Washington. 76 00:04:22,960 --> 00:04:26,359 Speaker 1: President Biden's talk with the leaders of France, Germany, Italy 77 00:04:26,400 --> 00:04:28,839 Speaker 1: and the UK is set for eleven this morning while 78 00:04:28,880 --> 00:04:32,000 Speaker 1: street time. While in Europe, the President is also expected 79 00:04:32,000 --> 00:04:35,600 Speaker 1: to visit Warsaw, where he'll meet with Poland's President Andre DooDah. 80 00:04:35,839 --> 00:04:39,560 Speaker 1: Sources tell Bloomberg that later today, senior US officials, including 81 00:04:39,600 --> 00:04:43,520 Speaker 1: Treasury Secretary Janet Ellen and National Security Advisor Jake Sullivan, 82 00:04:43,800 --> 00:04:47,640 Speaker 1: will meet with executives in the energy, refining, financial services, 83 00:04:47,640 --> 00:04:51,360 Speaker 1: and manufacturing sectors. Leaders from ex On, Mobile, JP, Morgan 84 00:04:51,480 --> 00:04:54,280 Speaker 1: Chase and other firms are expected to attend the off 85 00:04:54,279 --> 00:04:57,440 Speaker 1: the record discussion about the global push to sanction Russia, 86 00:04:57,720 --> 00:05:02,120 Speaker 1: up ending supply chains and exacerbating in flationary pressures. In Washington, 87 00:05:02,240 --> 00:05:04,920 Speaker 1: on Many Moore as Bloomberg Daybreak, thanks Amy, Russia has 88 00:05:04,960 --> 00:05:08,640 Speaker 1: begun using hypersonic missiles against Ukraine. It's a shift in 89 00:05:08,760 --> 00:05:11,120 Speaker 1: strategy that may signal a new phase of the war. 90 00:05:11,520 --> 00:05:13,880 Speaker 1: Analysts expect more air power to be used as the 91 00:05:13,920 --> 00:05:18,360 Speaker 1: Russian ground campaign stalls. NATO Secretary General Yan Stoltenberg is 92 00:05:18,400 --> 00:05:22,200 Speaker 1: also worried about chemical weapons. We know that Russia has 93 00:05:22,279 --> 00:05:29,000 Speaker 1: used chemical agents in Europe before against their own political opponents, 94 00:05:29,320 --> 00:05:34,839 Speaker 1: and they Russia has been facilitating supporting the outsold regime 95 00:05:34,880 --> 00:05:39,280 Speaker 1: in Studio where chemical weapons has been used. So this 96 00:05:39,400 --> 00:05:42,920 Speaker 1: is something we take extremely serious. NATO Secretary General Yain 97 00:05:43,080 --> 00:05:46,160 Speaker 1: Stoltenberg made the comments on NBC's Meet the Press, heard 98 00:05:46,240 --> 00:05:49,120 Speaker 1: Sundays on Bloomberg Radio. With no end of the war 99 00:05:49,200 --> 00:05:52,520 Speaker 1: inside John oil is surging for a third day. Attacks 100 00:05:52,520 --> 00:05:55,919 Speaker 1: by Iranian backed revels on energy facilities in Saudi Arabia 101 00:05:55,960 --> 00:05:59,080 Speaker 1: are also adding to upward pressure. Crude has rallied almost 102 00:05:59,080 --> 00:06:03,520 Speaker 1: fourteen percent since Wednesday. Checking prices now, Nimex crudes up 103 00:06:03,520 --> 00:06:06,120 Speaker 1: four point seven percent, or four dollars nine cents at 104 00:06:06,120 --> 00:06:08,880 Speaker 1: a hundred nine dollar sixty three cents a barrel brand 105 00:06:09,080 --> 00:06:10,839 Speaker 1: is up four and a half percent at a hundred 106 00:06:10,839 --> 00:06:14,160 Speaker 1: twelve dollars sixty eight cents, and as crude climbs, inflation 107 00:06:14,240 --> 00:06:17,440 Speaker 1: remains front and center. Today, j Powell gets another chance 108 00:06:17,480 --> 00:06:19,280 Speaker 1: to weigh in on the matter. The Fed share banks 109 00:06:19,320 --> 00:06:23,200 Speaker 1: remarks and answers questions at an economics conference in Washington. 110 00:06:23,680 --> 00:06:26,800 Speaker 1: Critics like former Treasury Secretary Larry Summers say the Central 111 00:06:26,800 --> 00:06:30,080 Speaker 1: Bank needs to hike rates more aggressively. We've got to 112 00:06:30,200 --> 00:06:35,760 Speaker 1: raise interest rates by more than four percentage points. We've 113 00:06:35,760 --> 00:06:38,520 Speaker 1: got to raise them by four percent to stay neutral. 114 00:06:39,160 --> 00:06:41,720 Speaker 1: We probably have to raise them more than that. So 115 00:06:41,760 --> 00:06:44,480 Speaker 1: I think ultimately we're gonna need a four or five 116 00:06:44,520 --> 00:06:49,880 Speaker 1: percent interest rates levels they're not even thinking of as conceivable. 117 00:06:49,960 --> 00:06:53,560 Speaker 1: The former Treasury Secretary and Bloomberg contributor Larry Summers was 118 00:06:53,600 --> 00:06:56,600 Speaker 1: against on Bloomberg's Wall Street week Herd weekdays on Bloomberg 119 00:06:56,680 --> 00:06:59,679 Speaker 1: Radio and television. Stay tuned for those remarks from J. Powell. 120 00:06:59,680 --> 00:07:02,080 Speaker 1: We're gonn bring those two you live, coming up just 121 00:07:02,200 --> 00:07:05,280 Speaker 1: before one pm Wall Street Time. All right on the 122 00:07:05,400 --> 00:07:08,400 Speaker 1: Corvert front this morning, Johnson Merger Monday News. Private equity 123 00:07:08,400 --> 00:07:11,400 Speaker 1: firm Tomma Bravos agreed to buy San Francisco based software 124 00:07:11,400 --> 00:07:13,800 Speaker 1: company and a Plan in a deal valued at ten 125 00:07:13,840 --> 00:07:16,520 Speaker 1: point seven billion dollars and a Plan shares her up 126 00:07:16,680 --> 00:07:23,720 Speaker 1: more than twenty six percent in early training. Nathan Thanks 127 00:07:23,760 --> 00:07:25,720 Speaker 1: five oh seven of Wall Street and let's bring in 128 00:07:25,760 --> 00:07:27,600 Speaker 1: Michael Barr with more on what else is going on 129 00:07:27,720 --> 00:07:30,480 Speaker 1: in New York end around the world. John, thank you 130 00:07:30,560 --> 00:07:33,120 Speaker 1: very much, sir. The Senate Judiciary Committee is set to 131 00:07:33,160 --> 00:07:38,280 Speaker 1: begin it's history confirmation hearings today for Judge Katangi Brown Jackson, 132 00:07:39,080 --> 00:07:41,640 Speaker 1: one year old federal judge would be the first black 133 00:07:41,640 --> 00:07:44,800 Speaker 1: woman on the Supreme Court. Jackson is expected to present 134 00:07:44,840 --> 00:07:48,000 Speaker 1: an opening statement, then answer questions from the committee's eleven 135 00:07:48,000 --> 00:07:51,880 Speaker 1: Democrats and eleven Republicans over the next two days. Senate 136 00:07:51,880 --> 00:07:54,880 Speaker 1: Minority Leader Mitch McConnell says he is keeping an open mind. 137 00:07:55,080 --> 00:07:57,480 Speaker 1: I'm gonna listen to the hearings and by the way, 138 00:07:57,520 --> 00:08:02,239 Speaker 1: she'll be treated much better than Democrats are typically treated. 139 00:08:02,280 --> 00:08:07,000 Speaker 1: Republican nomination like Clarence Thomas and Brett cabinaught. Senator McConnell 140 00:08:07,120 --> 00:08:10,040 Speaker 1: spoke on CBSS Face the Nation, which can be heard 141 00:08:10,080 --> 00:08:14,840 Speaker 1: Sundays on Bloomberg. Supreme Court Justice Clarence Thomas remains hospitalized 142 00:08:14,880 --> 00:08:18,080 Speaker 1: with flu like symptoms. According to the Supreme Court, Thomas 143 00:08:18,160 --> 00:08:21,120 Speaker 1: is being treated with antibiotics for an infection and is 144 00:08:21,160 --> 00:08:25,160 Speaker 1: resting comfortably. The new subvariant of the coronavirus has the 145 00:08:25,200 --> 00:08:28,600 Speaker 1: attention of the nation's top in factious disease. Doctor Dr 146 00:08:28,640 --> 00:08:32,360 Speaker 1: Anthony Fauci says the new coronavirus B A two subvariant 147 00:08:32,880 --> 00:08:36,959 Speaker 1: is about fifty to six more transmissible than omicron. It 148 00:08:37,000 --> 00:08:41,440 Speaker 1: does have an increased transmission capability. However, when you look 149 00:08:41,440 --> 00:08:43,520 Speaker 1: at the cases, they do not appear to be any 150 00:08:43,559 --> 00:08:47,480 Speaker 1: more severe. Dr Fauci says that's the good news, but 151 00:08:47,679 --> 00:08:49,920 Speaker 1: he warns b A two could lead to an increase 152 00:08:50,200 --> 00:08:53,880 Speaker 1: in COVID cases in the weeks ahead. Overall sickness and 153 00:08:53,920 --> 00:08:58,480 Speaker 1: hospitalizations have dropped pre pandemic levels. Fauci spoke on ABC's 154 00:08:58,559 --> 00:09:00,559 Speaker 1: This Week, which can be heard son days right here 155 00:09:00,559 --> 00:09:05,680 Speaker 1: on Bloomberg. Fans welcome back the Cinderella team of the 156 00:09:05,800 --> 00:09:11,000 Speaker 1: men's NC Double A Tournament. Jersey City's St. Peter's University 157 00:09:11,320 --> 00:09:14,720 Speaker 1: got a hero's welcome when they return Sunday, everyone has 158 00:09:14,760 --> 00:09:17,719 Speaker 1: a Peacock Nation is like, this is crazy because we're 159 00:09:17,760 --> 00:09:20,880 Speaker 1: such a small school. Over the weekend, the fifteenth seed 160 00:09:20,920 --> 00:09:25,760 Speaker 1: advanced to the sweet sixteen. Peacock's guard Darryl Banks, this 161 00:09:25,840 --> 00:09:28,880 Speaker 1: is amazing. You know, just growing up, I want to 162 00:09:28,880 --> 00:09:30,679 Speaker 1: play basketball. This is time of the moment that you 163 00:09:30,720 --> 00:09:33,760 Speaker 1: live for. It as you dream of guard Darryl Banks 164 00:09:33,840 --> 00:09:37,360 Speaker 1: and his st Peter's teammates now take on Produe this Fronday, 165 00:09:37,520 --> 00:09:39,760 Speaker 1: Global News twenty four hours a day on It and 166 00:09:39,920 --> 00:09:42,880 Speaker 1: on Bloomberg Quittake, powered by more than twenty seven dred 167 00:09:42,920 --> 00:09:45,760 Speaker 1: journalists and analysts in more than a hundred twenty countries. 168 00:09:45,800 --> 00:09:49,400 Speaker 1: I'm Michael Bard. This is Bloomberg, John Michael, thank you, 169 00:09:53,640 --> 00:09:55,840 Speaker 1: and it is coming up a five tennel wall street 170 00:09:55,880 --> 00:09:58,800 Speaker 1: side out of the Bloomberg Sports Update, here's John Stash 171 00:09:59,120 --> 00:10:01,040 Speaker 1: Thanks Johnny n like turn him at field down to 172 00:10:01,120 --> 00:10:04,000 Speaker 1: the sweet sixth teen and it includes Duke. Mike Schowski's 173 00:10:04,080 --> 00:10:07,600 Speaker 1: coaching career not over yet. Blue Devils pulled away late 174 00:10:07,679 --> 00:10:10,840 Speaker 1: to beat Michigan State. You don't go to the sweet 175 00:10:10,840 --> 00:10:13,200 Speaker 1: sixth Steins just with talent, you do it with character. 176 00:10:13,920 --> 00:10:17,160 Speaker 1: And uh, that's that's what my teams have had. But 177 00:10:17,800 --> 00:10:20,600 Speaker 1: it's not like I've given them that. You know, we've 178 00:10:20,640 --> 00:10:23,640 Speaker 1: recruited that and we've made use of it. Coach k 179 00:10:23,840 --> 00:10:26,360 Speaker 1: and Duke now headed out to San Francisco to play 180 00:10:26,440 --> 00:10:29,160 Speaker 1: Texas Tech, who got by Notre Dame a two seed 181 00:10:29,200 --> 00:10:32,160 Speaker 1: went down last night, Auburn lost to Miami, a one 182 00:10:32,200 --> 00:10:36,360 Speaker 1: seed nearly went down, but Arizona survived in overtime over TCU. 183 00:10:36,440 --> 00:10:39,400 Speaker 1: Eleven seed at Iowa State is moving on. The Cyclones 184 00:10:39,800 --> 00:10:43,640 Speaker 1: went two and twenty two last year, also advancing Villanova, 185 00:10:43,720 --> 00:10:47,679 Speaker 1: Houston and Purdue. Purdue is next for Cinderella St. Peter's 186 00:10:47,679 --> 00:10:50,439 Speaker 1: and that game is Friday night in Philadelphia. At the 187 00:10:50,480 --> 00:10:53,520 Speaker 1: Guard of the Knicks had recent wins over Portland and Washington, 188 00:10:53,720 --> 00:10:56,360 Speaker 1: Utah much better team Jazz came in and won one 189 00:10:56,360 --> 00:10:59,360 Speaker 1: O eight to ninety three. Donovan Mitchell thirty six points, 190 00:10:59,440 --> 00:11:01,120 Speaker 1: r J Barret of the Knicks with twenty four. What 191 00:11:01,160 --> 00:11:04,360 Speaker 1: a weekend for the Rangers. Road wins at Tampa Bay 192 00:11:04,360 --> 00:11:06,319 Speaker 1: the two tons of Fenning Stanley, Cup James, and then 193 00:11:06,400 --> 00:11:10,120 Speaker 1: first place Carolina was too nothing with backup goalie Alex 194 00:11:10,160 --> 00:11:12,760 Speaker 1: Gorgi getting forty four stays in the shutout goals by 195 00:11:12,840 --> 00:11:15,559 Speaker 1: Chris Crying or his forty one and recent Ranger pick 196 00:11:15,600 --> 00:11:18,920 Speaker 1: up Frank Metronto. Islanders lost in Philadelphia to one. Red 197 00:11:18,960 --> 00:11:21,439 Speaker 1: Sox signed Freed and Swarts stop Trevor's story. They plan 198 00:11:21,520 --> 00:11:23,480 Speaker 1: to use him at second base, but up big numbers 199 00:11:23,480 --> 00:11:25,640 Speaker 1: with Colorado or The numbers tend to inflate, but he's 200 00:11:25,679 --> 00:11:28,280 Speaker 1: got plenty of power. He's at thirty seven and thirty 201 00:11:28,320 --> 00:11:31,920 Speaker 1: five home run seasons. John stash A Warner, bloom Bird Sports. John, 202 00:11:32,040 --> 00:11:34,040 Speaker 1: all right, thanks John. Ahead of the cash open, Old 203 00:11:34,080 --> 00:11:38,400 Speaker 1: Wall Street futures right now after last week's games, they're 204 00:11:38,400 --> 00:11:41,079 Speaker 1: in the red this morning. The down futures down one 205 00:11:41,320 --> 00:11:43,679 Speaker 1: d and twelve points. That's at the client about three 206 00:11:43,720 --> 00:11:47,360 Speaker 1: tenths of a percent. Smp E Mini futures line point slower, 207 00:11:47,480 --> 00:11:50,000 Speaker 1: that's down two tenths of a percent. And the head 208 00:11:50,000 --> 00:11:52,920 Speaker 1: of the cash open, the nastaic E Mini futures sixty 209 00:11:52,960 --> 00:11:56,079 Speaker 1: three point slowers this morning. That's down about half a percent. 210 00:11:56,240 --> 00:11:58,720 Speaker 1: As we look at treasuries, the tenure yield this morning, 211 00:11:59,000 --> 00:12:02,240 Speaker 1: it's up three bases points two point one eight percent. 212 00:12:02,760 --> 00:12:06,959 Speaker 1: You're listening to Bloomberg Daybreak and the Bloomberg Weather for 213 00:12:07,080 --> 00:12:10,600 Speaker 1: it today from Gary Bass. Sunshine, the high temperature about 214 00:12:10,640 --> 00:12:14,400 Speaker 1: sixty degrees. Could see some showers after midnight tonight Tomorrow, 215 00:12:14,400 --> 00:12:23,360 Speaker 1: partly sunny. The high temperature about sixty degrees. Markets, headlines 216 00:12:23,400 --> 00:12:26,360 Speaker 1: and breaking news twenty four hours a day at Bloomberg 217 00:12:26,440 --> 00:12:29,520 Speaker 1: dot Com, the Bloomberg Business app, and at Bloomberg Quick 218 00:12:29,559 --> 00:12:39,120 Speaker 1: Tape he's a Bloomberg business lash. Good morning, I'm Nathan Hagar. 219 00:12:39,240 --> 00:12:43,400 Speaker 1: US futures European equities are wavering as crude oil extends 220 00:12:43,400 --> 00:12:46,560 Speaker 1: the climb and investors monitor diplomatic efforts to bring an 221 00:12:46,600 --> 00:12:49,400 Speaker 1: end to Russia's nearly month old war in Ukraine. We 222 00:12:49,480 --> 00:12:51,960 Speaker 1: checked the markets every fifteen minutes during the trading day 223 00:12:52,000 --> 00:12:54,800 Speaker 1: on Bloomberg. Right now, SMP futures are down seven point. 224 00:12:54,880 --> 00:12:59,280 Speaker 1: STAFF futures are down. Nasdaq futures are lower by fifty 225 00:12:59,360 --> 00:13:03,959 Speaker 1: seven point. European stocks very slightly in the green right now, 226 00:13:03,960 --> 00:13:05,920 Speaker 1: with the decks in Germany little change. The cat in 227 00:13:05,960 --> 00:13:08,360 Speaker 1: Paris higher by one tenth of one percent, the foot 228 00:13:08,360 --> 00:13:10,800 Speaker 1: scene London up a half percent. It's in your treasury 229 00:13:10,880 --> 00:13:12,960 Speaker 1: right now, is down ten thirty seconds. The yield two 230 00:13:12,960 --> 00:13:14,640 Speaker 1: point one eight percent. In the yield on the two 231 00:13:14,720 --> 00:13:17,600 Speaker 1: year right now one point nine eight percent. Nime X Screwed, 232 00:13:17,920 --> 00:13:20,160 Speaker 1: as you mentioned, was surging for a three point nine 233 00:13:20,160 --> 00:13:23,040 Speaker 1: percent or too four dollars thirteen cents at a hundred 234 00:13:23,040 --> 00:13:25,880 Speaker 1: eight dollars eighty three cents of barrel. Comex Skulled is 235 00:13:25,880 --> 00:13:29,360 Speaker 1: down two tenths percent at nine fifty announced. That's a 236 00:13:29,400 --> 00:13:32,400 Speaker 1: Bloomberg Business Flash. Now here's Michael Barr. It's more on 237 00:13:32,480 --> 00:13:34,720 Speaker 1: what's going on around the world. Good morning Michael, Good 238 00:13:34,760 --> 00:13:38,560 Speaker 1: morning Nathan. Chinese media reports of Boeing seven thirty seven 239 00:13:38,840 --> 00:13:43,959 Speaker 1: n G carrying one d passengers has crashed in southwestern China. 240 00:13:44,440 --> 00:13:48,520 Speaker 1: Radar tracking from Flight Radar twenty four shows the China 241 00:13:48,640 --> 00:13:52,400 Speaker 1: Eastern Airlines flight took a steep descent as it was 242 00:13:52,520 --> 00:13:56,120 Speaker 1: headed toward the province of gong Zoo. Chinese State TV 243 00:13:56,360 --> 00:13:59,760 Speaker 1: reports that a rescue team has assembled and is approaching 244 00:13:59,800 --> 00:14:04,000 Speaker 1: the sign. Ukrainian officials have defiantly rejected a Russian demand 245 00:14:04,280 --> 00:14:08,560 Speaker 1: that their forces in Mariopo lay down arms and raised 246 00:14:08,600 --> 00:14:12,520 Speaker 1: white flags in exchange for safe passage. The Senate Judiciary 247 00:14:12,559 --> 00:14:15,160 Speaker 1: Committee is set to begin its His Story confirmation hearings 248 00:14:15,280 --> 00:14:18,080 Speaker 1: for Judge Katangi Brown Jackson. The fifty one year old 249 00:14:18,080 --> 00:14:20,080 Speaker 1: federal judge, would be the first black woman on the 250 00:14:20,080 --> 00:14:24,040 Speaker 1: Supreme Court. College basketball demands NZ double a Sweet sixteen 251 00:14:24,080 --> 00:14:27,800 Speaker 1: to set Duke. Kansas and Villanova advanced yesterday. NBA, the 252 00:14:27,840 --> 00:14:30,920 Speaker 1: Knicks and Warriors lost, the Celtics won. In the NHL, 253 00:14:30,960 --> 00:14:34,040 Speaker 1: the Rangers won, the Islanders and Capitals lost. Global news 254 00:14:34,080 --> 00:14:36,240 Speaker 1: twenty four hours a day on air and on Bloomberg 255 00:14:36,280 --> 00:14:38,960 Speaker 1: Quick Take, powered by more than twenty seven journalists and 256 00:14:38,960 --> 00:14:41,600 Speaker 1: analysts more than a hundred twenty countries. I'm Michael Baren. 257 00:14:41,640 --> 00:14:44,720 Speaker 1: This is Bloomberg, Michael, Thanks very much, five twenty on 258 00:14:44,800 --> 00:14:47,680 Speaker 1: Wall Street. We are live from the Bloomberg Interactive Brokers 259 00:14:47,680 --> 00:14:52,120 Speaker 1: studios and this is Bloomberg Daybreak. We do have those 260 00:14:52,160 --> 00:14:56,080 Speaker 1: reports on that commercial passenger plane crash in China. Word 261 00:14:56,200 --> 00:14:58,720 Speaker 1: on that coming through in just the past, our late 262 00:14:58,760 --> 00:15:01,280 Speaker 1: breaking stories still the stop and let's find out what 263 00:15:01,400 --> 00:15:04,240 Speaker 1: we know right now from Bloomberg's Will Davies. He joins 264 00:15:04,320 --> 00:15:10,240 Speaker 1: us from Hong Kong. Will, what can you tell us morning, John? Yeah, 265 00:15:10,240 --> 00:15:14,040 Speaker 1: it's delay developing situation obviously, but what we know so 266 00:15:14,120 --> 00:15:17,920 Speaker 1: far is that the China Eastern Airlines Boeing aircraft is 267 00:15:18,040 --> 00:15:20,960 Speaker 1: that was flying from Kunming to Guangzho in the south 268 00:15:21,000 --> 00:15:24,560 Speaker 1: of China has crashed. There were a hundred twenty three 269 00:15:24,560 --> 00:15:28,520 Speaker 1: passengers and nine crew on board. There's some footage emerging 270 00:15:28,560 --> 00:15:32,440 Speaker 1: online videos showing as of a fiery scenes on the 271 00:15:32,480 --> 00:15:36,480 Speaker 1: mountain side. Um and that's the reports are the playment 272 00:15:36,520 --> 00:15:39,400 Speaker 1: down in a place called the wood job. The Chinese 273 00:15:39,440 --> 00:15:44,200 Speaker 1: aviation regulator is sending in a team to uh probe 274 00:15:44,200 --> 00:15:46,960 Speaker 1: see what's happened, But we haven't heard direct from the 275 00:15:46,960 --> 00:15:49,360 Speaker 1: airlines yet. China Eastern's website has gone to black and 276 00:15:49,400 --> 00:15:52,760 Speaker 1: white as a sort of acknowledgement of something that's happened, 277 00:15:52,760 --> 00:15:56,560 Speaker 1: and the flight radar, those sort of websites are showing 278 00:15:56,600 --> 00:16:00,480 Speaker 1: that took a steep descent um this this plane a 279 00:16:00,480 --> 00:16:03,400 Speaker 1: couple of years ago. Yeah, an investigation about the start 280 00:16:03,480 --> 00:16:05,920 Speaker 1: and the A lot of people don't know. But with 281 00:16:06,240 --> 00:16:10,360 Speaker 1: investigations like this involving Boeing aircraft, the lead investigators usually 282 00:16:10,400 --> 00:16:14,680 Speaker 1: are actually the investigators from the Boeing company itself. Do 283 00:16:14,720 --> 00:16:17,600 Speaker 1: we know anything more about the plane other than it's 284 00:16:17,600 --> 00:16:20,720 Speaker 1: a seven thirty seven. The exact model we're told is 285 00:16:20,720 --> 00:16:25,520 Speaker 1: is energy, So not a seven thirties seven, not a Max. No, No, 286 00:16:25,720 --> 00:16:29,400 Speaker 1: so the Max isn't actually approved for commercial flights in China. Yeah, 287 00:16:29,440 --> 00:16:31,840 Speaker 1: it's one of the last main holdouts. That's been an 288 00:16:31,840 --> 00:16:34,160 Speaker 1: issue for Bowing because China is obviously it's huge, a 289 00:16:34,240 --> 00:16:36,920 Speaker 1: huge market, it's his biggest market, and even Bowing has 290 00:16:37,000 --> 00:16:40,640 Speaker 1: to sort of planets production ramp ups based on its 291 00:16:40,720 --> 00:16:43,360 Speaker 1: access to China's. China's market in China was the first 292 00:16:43,360 --> 00:16:47,000 Speaker 1: to ground the MAX in March two thousand nineteen after 293 00:16:47,000 --> 00:16:50,240 Speaker 1: the crash in Ethiopia. And it's still it was approaching 294 00:16:50,240 --> 00:16:53,120 Speaker 1: that there was taught that you know, there's reports that 295 00:16:53,160 --> 00:16:55,880 Speaker 1: we've reported on that it is going to be cleared 296 00:16:56,000 --> 00:16:59,640 Speaker 1: very soon. Um. So this was not a MAX, but 297 00:17:00,000 --> 00:17:05,240 Speaker 1: it was a six year old cemetery. Um. But yeah, 298 00:17:05,280 --> 00:17:08,280 Speaker 1: I mean, it's obviously a tragedy and it's another setback 299 00:17:08,320 --> 00:17:10,360 Speaker 1: for for Boeing has come at a bad time and 300 00:17:10,800 --> 00:17:13,639 Speaker 1: even sending over investigators. I'm sure they'll make allowances, but 301 00:17:13,680 --> 00:17:15,480 Speaker 1: you know they've got the COVID issues. It's hard to 302 00:17:15,800 --> 00:17:19,720 Speaker 1: even get into China at the moment um and travel 303 00:17:19,840 --> 00:17:23,439 Speaker 1: around is hard. But yeah, the investigation will will need 304 00:17:23,480 --> 00:17:26,360 Speaker 1: to be done. But yeah, another major setback to Bowing. 305 00:17:26,520 --> 00:17:29,679 Speaker 1: Do we know how old this particular model of aircraft 306 00:17:29,840 --> 00:17:33,720 Speaker 1: is and tell me again the operator? And do we 307 00:17:33,760 --> 00:17:37,240 Speaker 1: also know the region where it crashed? Is it particularly 308 00:17:37,240 --> 00:17:40,760 Speaker 1: remote area of China? Do you know? Yeah? I think 309 00:17:40,880 --> 00:17:44,800 Speaker 1: in Guansi Province, which is south it's southwest of China. 310 00:17:45,080 --> 00:17:47,840 Speaker 1: It's kuldn't it was time? Couldn't mean which the capital 311 00:17:47,840 --> 00:17:50,960 Speaker 1: of Yunn. It's a sort of a very large uh 312 00:17:52,119 --> 00:17:54,920 Speaker 1: province in the in the southwest. So from the scene 313 00:17:54,960 --> 00:17:57,560 Speaker 1: that it looks like the video coming through is a 314 00:17:57,560 --> 00:18:03,320 Speaker 1: remote mountain area, UM, rural area, UM. You know, vast 315 00:18:03,720 --> 00:18:06,720 Speaker 1: landscape over in that part of the world heading to Guangzo, 316 00:18:06,840 --> 00:18:10,600 Speaker 1: one of the major Chinese city. UM. This was operated 317 00:18:10,640 --> 00:18:13,840 Speaker 1: by China Eastern Airlines, which is based out of Shanghai. 318 00:18:14,080 --> 00:18:16,200 Speaker 1: That it's one of the big three airlines in China, 319 00:18:16,240 --> 00:18:18,639 Speaker 1: along with Air China and China Southern. You know, China's 320 00:18:18,640 --> 00:18:21,040 Speaker 1: had a good reputation on the air safety or something 321 00:18:21,080 --> 00:18:23,600 Speaker 1: it takes great pride in. It hasn't had a the 322 00:18:23,680 --> 00:18:28,720 Speaker 1: last crash is there in and China Eastern it's last 323 00:18:28,760 --> 00:18:30,919 Speaker 1: sort of fatal crash anyway, it was in two thousand 324 00:18:30,960 --> 00:18:34,240 Speaker 1: and four and in the Mongolia in the north. So um. Yeah, 325 00:18:34,280 --> 00:18:37,639 Speaker 1: this is real shocking development really because China hasn't really 326 00:18:38,400 --> 00:18:42,520 Speaker 1: had many safety issues with the aviation industry, as you 327 00:18:42,560 --> 00:18:46,240 Speaker 1: would sort of alluded to with the Boeing Max. How 328 00:18:46,320 --> 00:18:48,800 Speaker 1: how long it's taken to get that back in the air, 329 00:18:49,000 --> 00:18:53,440 Speaker 1: whereas it's been improved elsewhere. China was the first aground 330 00:18:53,480 --> 00:18:55,639 Speaker 1: that and you know it made to be seen. If 331 00:18:55,680 --> 00:18:58,440 Speaker 1: it's now going to the regulators or the government will 332 00:18:58,040 --> 00:19:01,560 Speaker 1: bat ground other Boeing planes following this particular crash. We 333 00:19:01,600 --> 00:19:03,119 Speaker 1: don't know that yet. We'll keep an eye on it, 334 00:19:03,320 --> 00:19:06,000 Speaker 1: all right, Well, thanks very much. Bloomberg's Will Davies joining 335 00:19:06,040 --> 00:19:09,760 Speaker 1: us from Hong Kong this morning. Again, China Eastern Airlines 336 00:19:09,840 --> 00:19:14,040 Speaker 1: Boeing seven thirty seven eight hundred en G plane on 337 00:19:14,560 --> 00:19:17,800 Speaker 1: thirty two people on boards crashed and the south western 338 00:19:18,080 --> 00:19:21,800 Speaker 1: Western province there in China. Well, thanks very much, we 339 00:19:21,840 --> 00:19:25,760 Speaker 1: appreciate it. It is five the twenty five right here 340 00:19:25,840 --> 00:19:29,840 Speaker 1: on Bloomberg Radio. You're listening to Bloomberg Daybreak. Let's shift 341 00:19:29,840 --> 00:19:31,960 Speaker 1: our attention now to the latest developments on the war 342 00:19:32,040 --> 00:19:36,240 Speaker 1: in Ukraine. Ukraine rejecting a Russian demand that its forces 343 00:19:36,280 --> 00:19:39,920 Speaker 1: laid down their arms and leave Mariopold today. Let's get joined. 344 00:19:40,280 --> 00:19:42,960 Speaker 1: Let's get an update right now. We're joined by Rosalind Mathison, 345 00:19:42,960 --> 00:19:47,199 Speaker 1: Bloomberg's executive editor for International Government. What do we know 346 00:19:47,280 --> 00:19:49,920 Speaker 1: what's taking place on the ground right now? Rose, can 347 00:19:49,920 --> 00:19:53,399 Speaker 1: you give us an update? But what we're saying is 348 00:19:53,440 --> 00:19:57,280 Speaker 1: that the city of Mariopol is remaining under siege. It 349 00:19:57,440 --> 00:20:01,120 Speaker 1: is ugly the city that's suffering the most right now 350 00:20:01,240 --> 00:20:04,120 Speaker 1: in Ukraine with humanitarian aid when he struggling to get 351 00:20:04,160 --> 00:20:07,680 Speaker 1: in and people struggling to get out. So Russia gave 352 00:20:07,720 --> 00:20:10,479 Speaker 1: the city an ultimatum yesterday said if all its troops 353 00:20:10,480 --> 00:20:13,320 Speaker 1: and weapons leave, they will allow aid to come in 354 00:20:13,359 --> 00:20:17,800 Speaker 1: and people safe passage out. Ukraine has rejected that, and 355 00:20:17,880 --> 00:20:22,120 Speaker 1: that deadline expired. This morning's Okay, this is Bloomberg Dave Break. 356 00:20:22,119 --> 00:20:24,479 Speaker 1: I'm Nathan Hager along with John Tucker, and we are 357 00:20:24,480 --> 00:20:26,920 Speaker 1: about four hours away from the open of US trading. 358 00:20:26,920 --> 00:20:28,240 Speaker 1: So let's get you up to date on the news 359 00:20:28,240 --> 00:20:30,840 Speaker 1: you need to you know at this hour. Beginning with 360 00:20:30,840 --> 00:20:33,240 Speaker 1: the breaking news out of Asia reports of a commercial 361 00:20:33,280 --> 00:20:36,920 Speaker 1: plane crash in China, Bloomberg's Michael bar joins US Live 362 00:20:36,920 --> 00:20:39,600 Speaker 1: with the very latest. Good morning, Michael, Good morning Nathan. 363 00:20:39,680 --> 00:20:43,960 Speaker 1: Chinese media reports Boeing seven thirty seven n G carrying 364 00:20:44,000 --> 00:20:48,919 Speaker 1: one thirty two passengers has crashed in southwestern China. Radar 365 00:20:49,000 --> 00:20:52,640 Speaker 1: tracking from Flight Radar twenty four shows the China Eastern 366 00:20:52,640 --> 00:20:55,720 Speaker 1: Airlines flight took a steep descent as it was headed 367 00:20:55,800 --> 00:20:59,600 Speaker 1: toward the province of Guangzho The New York Times says 368 00:20:59,680 --> 00:21:03,480 Speaker 1: local officials saw flames and smoke rising from a hillside 369 00:21:03,480 --> 00:21:06,879 Speaker 1: in the area. Chinese state televisions as a rescue team 370 00:21:06,880 --> 00:21:10,480 Speaker 1: has assembled and as approaching the site live in New York. 371 00:21:10,760 --> 00:21:13,480 Speaker 1: Michael Barer Bloomberg DAB. Thanks Michael. We now turned to 372 00:21:13,520 --> 00:21:17,200 Speaker 1: the latest developments of the war in Ukraine. Ukraine rejecting 373 00:21:17,320 --> 00:21:19,840 Speaker 1: a Russian demand that its forces laid down their arms 374 00:21:19,840 --> 00:21:24,440 Speaker 1: and leave the city of Maripol. More talks expected later today. Yesterday, 375 00:21:24,560 --> 00:21:29,320 Speaker 1: Ukraine's President philodamr Zalinski addressed Israel's parliament, calling out hesitancy 376 00:21:29,400 --> 00:21:35,600 Speaker 1: to provide military aid and joy international sessions. Could you 377 00:21:35,640 --> 00:21:38,439 Speaker 1: explain why we are still appealing to the world in 378 00:21:38,480 --> 00:21:41,800 Speaker 1: many countries, appealing to you for help. Is it in 379 00:21:41,880 --> 00:21:46,679 Speaker 1: different calculation or mediation Without choosing side, I leave it 380 00:21:46,720 --> 00:21:49,240 Speaker 1: to you to choose the answer to this question. I 381 00:21:49,359 --> 00:21:54,040 Speaker 1: only note one thing that in different kills. Ukrainian President Zelinsky, 382 00:21:54,280 --> 00:21:57,679 Speaker 1: renewing his offers to negotiate with Vladimir Putin and Ata. 383 00:21:57,760 --> 00:22:01,960 Speaker 1: Zelinski says Moscow has started using more destructive artillery in 384 00:22:02,040 --> 00:22:06,000 Speaker 1: its attacks, that its artillery includes hypersonic missiles. John and 385 00:22:06,040 --> 00:22:08,959 Speaker 1: analysts say that marks a shift in strategy with Russia 386 00:22:09,080 --> 00:22:12,600 Speaker 1: using more air power as its ground campaign stalls. Lloyd 387 00:22:12,680 --> 00:22:15,800 Speaker 1: Austin is the U S Defense Secretary. I would not 388 00:22:15,920 --> 00:22:19,480 Speaker 1: see it as a game changer. I think again, the 389 00:22:19,520 --> 00:22:23,640 Speaker 1: reason that he's resorting to using these types of weapons 390 00:22:23,720 --> 00:22:27,680 Speaker 1: is because he's trying to re establish some momentum. Secretary 391 00:22:27,680 --> 00:22:29,919 Speaker 1: of Defense Lloyd Austin made the comments on Face the 392 00:22:30,000 --> 00:22:33,560 Speaker 1: Nation from CBS, heard Sundays on Bloomberg Radio and coming 393 00:22:33,600 --> 00:22:37,000 Speaker 1: up today, President Biden speaks with European leaders ahead of 394 00:22:37,080 --> 00:22:40,120 Speaker 1: his trip to the continent this week. Senior US officials 395 00:22:40,119 --> 00:22:43,160 Speaker 1: also meet with executives from excell On Mobile, JP Morgan 396 00:22:43,240 --> 00:22:46,520 Speaker 1: and other firms to discuss the impact of sanctions, and 397 00:22:46,560 --> 00:22:48,680 Speaker 1: traders are also looking out for a speech today from 398 00:22:48,680 --> 00:22:51,639 Speaker 1: FED chair J. Powell. He will make remarks and answer 399 00:22:51,760 --> 00:22:54,960 Speaker 1: questions at an economics conference in Washington. Will bring that 400 00:22:55,000 --> 00:22:58,320 Speaker 1: to you live. That's coming up around one pm Wall 401 00:22:58,400 --> 00:23:01,119 Speaker 1: Street time ahead of the Mark could open this morning. 402 00:23:01,160 --> 00:23:04,080 Speaker 1: Futures are moving lower, with SMP futures now down three 403 00:23:04,119 --> 00:23:08,000 Speaker 1: points down, futures down seventy five, NASTACK futures onto decline 404 00:23:08,040 --> 00:23:10,720 Speaker 1: by forty three points. The ten your treasury is down 405 00:23:10,720 --> 00:23:13,240 Speaker 1: eleven thirty seconds. The yield two point one nine percent 406 00:23:13,320 --> 00:23:15,840 Speaker 1: yield on the two year one point nine eight. Nim 407 00:23:16,000 --> 00:23:18,320 Speaker 1: X screwed up three point seven percent or three dollars 408 00:23:18,359 --> 00:23:20,520 Speaker 1: eighty two cents at a hundred eight dollars fifty two 409 00:23:20,560 --> 00:23:23,080 Speaker 1: cents in barrel. Comic stlled down three tenths per cent 410 00:23:23,160 --> 00:23:26,159 Speaker 1: or five dollar sixty cents at n thirty announced the 411 00:23:26,200 --> 00:23:29,160 Speaker 1: euro one point one zero six zero against the dollar. 412 00:23:29,520 --> 00:23:32,760 Speaker 1: Straight ahead, your latest local headlines, and a check of sports. 413 00:23:32,800 --> 00:23:40,560 Speaker 1: This is Bloomberg. Thanks Nathan five three of Wall Street. 414 00:23:40,640 --> 00:23:42,920 Speaker 1: And let's bring in Michael Barr again with Moura. What 415 00:23:43,040 --> 00:23:46,280 Speaker 1: else is going on in New York and around the world, John, 416 00:23:46,320 --> 00:23:48,920 Speaker 1: thank you very much, sir. The confirmation hearings for President 417 00:23:48,960 --> 00:23:52,560 Speaker 1: Biden's first Supreme Court nomineer schedule to get underway today. 418 00:23:53,040 --> 00:23:56,000 Speaker 1: Judge Katangi Brown Jackson is the first black woman to 419 00:23:56,000 --> 00:23:59,800 Speaker 1: be nominated to the Supreme Court. Republican Senator John Barrasso, 420 00:24:00,280 --> 00:24:03,200 Speaker 1: We're going to have a fair process and a respectful process, 421 00:24:03,320 --> 00:24:07,520 Speaker 1: unlike what the Democrats did to justice Capital. Republican Senator 422 00:24:07,600 --> 00:24:10,840 Speaker 1: Josh Holly last week trying to discredit Jackson in a 423 00:24:10,880 --> 00:24:15,119 Speaker 1: barrage of tweets saying she was soft on crime. Democratic 424 00:24:15,200 --> 00:24:18,560 Speaker 1: Senator Dick Durbin says that Holly's claims have been fact 425 00:24:18,680 --> 00:24:23,560 Speaker 1: checked and discredited, saying Hally's base is far from Centrists. 426 00:24:23,600 --> 00:24:27,240 Speaker 1: He's part of a fringe within the Republican Party. This 427 00:24:27,320 --> 00:24:30,080 Speaker 1: was the man who was fist bumping the murderous mob 428 00:24:30,160 --> 00:24:33,600 Speaker 1: that descended on the Capitol. Senators Durbin and Barasso spoke 429 00:24:33,680 --> 00:24:36,120 Speaker 1: on ABC S this week, which can be heard Sundays 430 00:24:36,119 --> 00:24:40,240 Speaker 1: on Bloomberg. We're learning that Justice Clarence Thomas was hospitalized 431 00:24:40,240 --> 00:24:44,480 Speaker 1: with flu like symptoms and treated with intravenous antibiotics for 432 00:24:44,560 --> 00:24:47,480 Speaker 1: an infection. The Supreme Court said the seventy three year 433 00:24:47,480 --> 00:24:51,200 Speaker 1: old justices symptoms have eased and he is resting comfortably. 434 00:24:51,760 --> 00:24:55,199 Speaker 1: Even with COVID cases down, US health officials said that 435 00:24:55,320 --> 00:24:58,600 Speaker 1: they are expecting more cases with the new BA two variant, 436 00:24:58,880 --> 00:25:02,520 Speaker 1: through a large surge is unlikely. Dr Anthony Fauci says, well, 437 00:25:02,560 --> 00:25:06,080 Speaker 1: the b A two symptoms are not typically severe. It 438 00:25:06,320 --> 00:25:10,520 Speaker 1: is even more contagious than it's omicron predecessor. It's about 439 00:25:10,640 --> 00:25:16,040 Speaker 1: fifty or so more transmissible, which means ultimately over time, 440 00:25:16,760 --> 00:25:19,800 Speaker 1: it might take over as the dominant variant. There have 441 00:25:19,880 --> 00:25:22,359 Speaker 1: been more than seventy nine million cases of COVID in 442 00:25:22,400 --> 00:25:26,359 Speaker 1: the US alone and more than nine hundred seventy one deaths. 443 00:25:26,840 --> 00:25:29,560 Speaker 1: The U. S. Marine Corps identified the four Marines who 444 00:25:29,600 --> 00:25:32,800 Speaker 1: died when their Osprey aircraft crashed Friday night in a 445 00:25:32,880 --> 00:25:36,040 Speaker 1: Norwegian town in the Arctic Circle during an ATO exercise. 446 00:25:36,480 --> 00:25:39,560 Speaker 1: All four were out of Marine Corps air Station New River, 447 00:25:39,640 --> 00:25:42,880 Speaker 1: North Carolina. The cause of the crash remains under investigation. 448 00:25:43,320 --> 00:25:45,840 Speaker 1: Global News twenty four hours a day on air and 449 00:25:45,960 --> 00:25:49,359 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 450 00:25:49,400 --> 00:25:52,040 Speaker 1: journalists and analysts and more than a hundred twenty countries. 451 00:25:52,080 --> 00:25:54,600 Speaker 1: I'm Michael bar This is Bloomberg, John, Michael. Thank you. 452 00:25:54,680 --> 00:25:57,680 Speaker 1: Some breaking news crossing the Bloomberg right now. Berkshire Hathaway 453 00:25:57,960 --> 00:26:01,639 Speaker 1: buying Alleghany for eight hundred and forty eight dollars and 454 00:26:01,760 --> 00:26:04,919 Speaker 1: two cents this year, a deal worth eleven point six 455 00:26:05,119 --> 00:26:09,320 Speaker 1: billion dollars. New York based Allegheny operates in the property 456 00:26:09,320 --> 00:26:14,000 Speaker 1: and casualty reinsurance and insurance business. It is now five 457 00:26:14,040 --> 00:26:19,800 Speaker 1: thirty six on Ball Street. Damn, that's time for the 458 00:26:19,800 --> 00:26:23,040 Speaker 1: Bloomberg Sports Upding Good morning, John Stan Shower A Morney 459 00:26:23,080 --> 00:26:25,720 Speaker 1: John n C Double A Tournament Sweet sixteen includes three 460 00:26:25,800 --> 00:26:28,919 Speaker 1: one seeds, two twos, two threes, and three fours. But 461 00:26:28,960 --> 00:26:30,800 Speaker 1: it wasn't easy for many the favors, certainly not for 462 00:26:30,960 --> 00:26:33,920 Speaker 1: top seed Arizona, who needed overtime to get by t 463 00:26:34,160 --> 00:26:36,560 Speaker 1: c U, or for Duke, who beat Michigan State and 464 00:26:36,600 --> 00:26:38,960 Speaker 1: he five seventy six. It was closer in that Blue 465 00:26:38,960 --> 00:26:41,840 Speaker 1: Devil pulled away late in the win. Means Mike Schewski's 466 00:26:41,880 --> 00:26:45,520 Speaker 1: coaching career not over yet. Duke now plays Texas Tech Perdue. 467 00:26:45,520 --> 00:26:48,280 Speaker 1: Beat Texas Perdue is up next for St. Peter's. The 468 00:26:48,359 --> 00:26:52,160 Speaker 1: Cinderella Peacock is gonna have plenty of fans support on Friday. 469 00:26:52,240 --> 00:26:54,359 Speaker 1: The game just down the road from Jersey City in 470 00:26:54,400 --> 00:26:57,560 Speaker 1: Philadelphia wins last night from Miami and Iowa states that 471 00:26:57,640 --> 00:26:59,919 Speaker 1: they'll play each other Friday. That means a double digits 472 00:27:00,040 --> 00:27:03,159 Speaker 1: need is guaranteed of being in the Elite eight. The 473 00:27:03,200 --> 00:27:05,520 Speaker 1: next slip playoff Folks took a hit beating up by 474 00:27:05,600 --> 00:27:07,760 Speaker 1: Utah at the Garden one of eight ninety three donald 475 00:27:07,800 --> 00:27:10,760 Speaker 1: the Mitchell score thirty six points. Second place Rangers visited 476 00:27:10,960 --> 00:27:14,280 Speaker 1: first place Carolina, game of scoreless second periods. Trying to center, 477 00:27:14,320 --> 00:27:16,400 Speaker 1: but it kicks back out behind the net. Slapper gear 478 00:27:16,520 --> 00:27:18,600 Speaker 1: to the far corner climbs. The blue lot gets the 479 00:27:18,640 --> 00:27:20,680 Speaker 1: back out to the corn with the shot the flection 480 00:27:20,880 --> 00:27:23,440 Speaker 1: be it scored. It gets who in front of that? 481 00:27:23,800 --> 00:27:27,280 Speaker 1: It's Chris Fryder, his forty first goal of the year 482 00:27:27,560 --> 00:27:30,600 Speaker 1: and the Rangers getting the one and of the lead 483 00:27:30,640 --> 00:27:34,159 Speaker 1: on just their eight shot of the game. The piano 484 00:27:34,200 --> 00:27:36,840 Speaker 1: they called Frank Petronto the Rangers picked up last weekend 485 00:27:36,840 --> 00:27:38,959 Speaker 1: an empty netter and the Rangers won too nothing. Forty 486 00:27:38,960 --> 00:27:40,920 Speaker 1: four stays in the shutout for Alex Scourge you have 487 00:27:40,920 --> 00:27:43,080 Speaker 1: when the Rangers get their forty when they trailed the 488 00:27:43,119 --> 00:27:45,959 Speaker 1: Hurricanes by just three points. Islanders lost in Philadelphia through 489 00:27:45,960 --> 00:27:48,680 Speaker 1: to one and Champa Yankees got a grand slam from 490 00:27:48,680 --> 00:27:51,240 Speaker 1: his Waldo Cabrera about the Tigers with four of the 491 00:27:51,320 --> 00:27:54,280 Speaker 1: ninth one eight seven. Elis Sevareno gave up four and 492 00:27:54,280 --> 00:27:57,119 Speaker 1: so did David Peterson. The Mets loss of the cardinal 493 00:27:57,200 --> 00:28:01,159 Speaker 1: in Ports Lisa John Dash Award Bloomberg Sport thinks a 494 00:28:01,200 --> 00:28:03,440 Speaker 1: lot five thirties seven on Wall Streets on down for 495 00:28:03,480 --> 00:28:06,000 Speaker 1: the Bloomberg tri State business reports have for that we're 496 00:28:06,080 --> 00:28:09,320 Speaker 1: joined by ed Quarry. New York city seven points six 497 00:28:09,440 --> 00:28:12,320 Speaker 1: percent unemployment rate is among the worst of major cities. 498 00:28:12,480 --> 00:28:15,520 Speaker 1: It also lacks behind Northern New Jersey and Long Island. 499 00:28:15,800 --> 00:28:19,240 Speaker 1: The jobless rate jumps to eleven percent, not seasonally adjusted, 500 00:28:19,280 --> 00:28:22,200 Speaker 1: in the Bronx, the highest of New York's five boroughs. 501 00:28:22,240 --> 00:28:25,360 Speaker 1: It's even higher for Black New Yorkers. A small fraction 502 00:28:25,440 --> 00:28:28,159 Speaker 1: of the highest paid longshoreman jobs at the seaports of 503 00:28:28,240 --> 00:28:31,560 Speaker 1: New York Harbor are given to Blacks and Latinos. Only 504 00:28:31,680 --> 00:28:34,280 Speaker 1: sixteen of the two hundred nine longshoreman who make at 505 00:28:34,359 --> 00:28:37,200 Speaker 1: least four hundred thousand dollars a year are black and 506 00:28:37,440 --> 00:28:41,200 Speaker 1: nine others are Latino, according to salary records The Daily 507 00:28:41,280 --> 00:28:44,400 Speaker 1: News obtained from the Waterfront Commission. The Lord and Taylor 508 00:28:44,440 --> 00:28:47,800 Speaker 1: Building in Eastchester is getting a new retail tenant, Sacks 509 00:28:47,880 --> 00:28:50,080 Speaker 1: Off Fifth is opening a new location in the now 510 00:28:50,200 --> 00:28:54,000 Speaker 1: closed Lord and Taylor space at seven fifty White Plains Road. 511 00:28:54,480 --> 00:28:58,800 Speaker 1: Sacks Off Fifth is an outlet store offering luxury brand clothing, 512 00:28:58,840 --> 00:29:03,160 Speaker 1: accessories and shoots at discounted rates. Andrew Bloomberg trying State 513 00:29:03,200 --> 00:29:06,160 Speaker 1: business report. I made Corey like I said, five thirty 514 00:29:06,240 --> 00:29:09,320 Speaker 1: aids Wall Street. Bloomberg Radio on the air from San 515 00:29:09,360 --> 00:29:12,680 Speaker 1: Francisco to New York, London to Hong Kong. Let's check 516 00:29:12,760 --> 00:29:14,440 Speaker 1: in now with our global news team, where some of 517 00:29:14,480 --> 00:29:17,440 Speaker 1: the top stories heard on our three hundred affiliate radio 518 00:29:17,520 --> 00:29:23,920 Speaker 1: stations around the world. I'm Steve Potaskan on ten ten 519 00:29:24,000 --> 00:29:27,000 Speaker 1: Wins in New York. We're talking about how slow returned 520 00:29:27,040 --> 00:29:30,400 Speaker 1: to office plans, the lagging entertainment industry are keeping the 521 00:29:30,560 --> 00:29:35,680 Speaker 1: city's unemployment rate high. Um Cournanaho on ktr H in Houston, 522 00:29:35,760 --> 00:29:38,680 Speaker 1: and the biggest oil field service providers are halting future 523 00:29:38,720 --> 00:29:42,200 Speaker 1: work in Russia. I'm Gina Servetti and for Caseys in 524 00:29:42,280 --> 00:29:46,200 Speaker 1: San Francisco. I'm reporting that the business software seller and 525 00:29:46,360 --> 00:29:49,000 Speaker 1: a Plan is being snapped up by a private equity 526 00:29:49,080 --> 00:29:52,320 Speaker 1: firm in an almost eleven billion dollar deal. I made 527 00:29:52,400 --> 00:29:55,760 Speaker 1: Corey on wwf J and Detroit. I'm reporting engineers are 528 00:29:55,800 --> 00:29:59,080 Speaker 1: working on self driving big rigs that can carry long 529 00:29:59,200 --> 00:30:02,120 Speaker 1: home break and those are some of the stories are 530 00:30:02,960 --> 00:30:06,160 Speaker 1: Bloomberg journalist and analysts are working on this morning around 531 00:30:06,240 --> 00:30:08,920 Speaker 1: the world. It's Fine thirty nine on Wall Street The 532 00:30:09,040 --> 00:30:13,360 Speaker 1: following is an editorial from Bloomberg Opinion. This week, the 533 00:30:13,440 --> 00:30:16,920 Speaker 1: Senate Judiciary Committee holds hearings on the nomination of Judge 534 00:30:16,960 --> 00:30:21,680 Speaker 1: Katangi Brown Jackson to the Supreme Court. Her selection fulfills 535 00:30:21,800 --> 00:30:25,120 Speaker 1: a campaign pledge made by President Joe Biden to name 536 00:30:25,200 --> 00:30:28,600 Speaker 1: the first black woman to the Court. But Jackson would 537 00:30:28,640 --> 00:30:31,400 Speaker 1: bring diversity to the bench in ways that go beyond 538 00:30:31,720 --> 00:30:34,440 Speaker 1: race and gender. Not only would she be the first 539 00:30:34,480 --> 00:30:37,320 Speaker 1: former public defender to sit on the High Court, she'd 540 00:30:37,360 --> 00:30:39,800 Speaker 1: be the first justice since Third Goood Marshall with a 541 00:30:39,880 --> 00:30:43,440 Speaker 1: criminal defense background. At the same time, she has been 542 00:30:43,520 --> 00:30:46,760 Speaker 1: praised by the Fraternal Order of Police, which speaks well 543 00:30:46,920 --> 00:30:51,320 Speaker 1: of her record of maintaining balance. A substantive hearing focused 544 00:30:51,360 --> 00:30:55,040 Speaker 1: on Jackson's record, rather than her identity, should allow the 545 00:30:55,120 --> 00:30:59,080 Speaker 1: country to learn more about a distinguished jurist. Hopefully it 546 00:30:59,120 --> 00:31:03,080 Speaker 1: will also reveal a fresh perspective that the Supreme Court needs. 547 00:31:04,040 --> 00:31:06,840 Speaker 1: This editorial was written by the Bloomberg Opinion Editorial Board. 548 00:31:07,120 --> 00:31:09,840 Speaker 1: I'm David Shipley. For more Bloomberg Opinion, please go to 549 00:31:09,880 --> 00:31:13,440 Speaker 1: Bloomberg dot com, slash opinion or opi and go on 550 00:31:13,560 --> 00:31:17,960 Speaker 1: the Bloomberg terminal base has been Bloomberg Opinion terminal counsters. 551 00:31:18,080 --> 00:31:21,760 Speaker 1: Read more at opi end. Go at the Bloomberg weather 552 00:31:21,840 --> 00:31:25,360 Speaker 1: fort today from Gary Beast. Sunshine, the high temperature topping 553 00:31:25,400 --> 00:31:28,880 Speaker 1: out at about sixty degrees, maybe some showers. Amped at 554 00:31:28,920 --> 00:31:37,640 Speaker 1: midnight Tomorrow am partly sunny, the high temperature about sixty degrees. Markets, 555 00:31:37,720 --> 00:31:40,760 Speaker 1: headlines and breaking news twenty four hours a day at 556 00:31:40,800 --> 00:31:44,240 Speaker 1: Bloomberg dot com, the Bloomberg Business at and at Bloomberg. 557 00:31:44,280 --> 00:31:54,200 Speaker 1: Tucktape is a Bloomberg Business Flash. I'm Nathan Hagar. Futures 558 00:31:54,200 --> 00:31:56,920 Speaker 1: are a little bit lower. European stocks are wavering, Crude 559 00:31:56,920 --> 00:32:00,600 Speaker 1: oil is extending its rally as investors wantit, or diplomatic 560 00:32:00,640 --> 00:32:02,960 Speaker 1: efforts to bring an in to Russia's nearly month long 561 00:32:03,120 --> 00:32:05,800 Speaker 1: war in Ukraine. We checked the markets every fifteen minutes 562 00:32:05,840 --> 00:32:08,320 Speaker 1: during the trading day on bloom burgess and futures down 563 00:32:08,400 --> 00:32:11,640 Speaker 1: or down six points down, futures down ninety seven, NASTAC 564 00:32:11,720 --> 00:32:14,720 Speaker 1: futures leading to the clients down fifty points. The docks 565 00:32:14,760 --> 00:32:17,440 Speaker 1: in Germany and the cat in Paris are both little changed. 566 00:32:17,720 --> 00:32:20,120 Speaker 1: The tenure treasury is down ten thirty seconds. The yield 567 00:32:20,160 --> 00:32:21,960 Speaker 1: two point one eight percent yield on the two year 568 00:32:22,040 --> 00:32:24,520 Speaker 1: one point nine eight n Imax screwed up three point 569 00:32:24,560 --> 00:32:26,320 Speaker 1: four per cent or three dollars fifty one cents at 570 00:32:26,320 --> 00:32:28,680 Speaker 1: a hundred eight dollars twenty one cents a barrel. Comax 571 00:32:28,760 --> 00:32:30,920 Speaker 1: golled down three tenths per center five dollars forty cents 572 00:32:30,960 --> 00:32:34,080 Speaker 1: at nineteen fifty announced the euro one point one zero 573 00:32:34,160 --> 00:32:36,840 Speaker 1: six two against the dollar, the yen one nineteen point 574 00:32:36,920 --> 00:32:40,440 Speaker 1: two three. Berkshire Hathaways agreed to buy all outstanding Allegheny 575 00:32:40,480 --> 00:32:42,680 Speaker 1: shares for eight hundred forty eight dollars two cents to 576 00:32:42,720 --> 00:32:46,880 Speaker 1: share in cash transaction values the reinsure at about eleven 577 00:32:46,920 --> 00:32:49,840 Speaker 1: point six billion dollars. That's a Bloomberg business flash. Now 578 00:32:49,920 --> 00:32:52,120 Speaker 1: here's Michael Barr with more on what's going on around 579 00:32:52,160 --> 00:32:55,600 Speaker 1: the world. Michael Nathan, thank you very much. Chinese media 580 00:32:55,720 --> 00:32:59,120 Speaker 1: reports of Boeing seven thirty seven n G carrying on 581 00:32:59,840 --> 00:33:04,360 Speaker 1: two passengers has crashed in southwestern China. Radar tracking from 582 00:33:04,400 --> 00:33:07,840 Speaker 1: Flight Radar twenty four shows the China Eastern Airlines flight 583 00:33:08,240 --> 00:33:10,880 Speaker 1: took a steep descent as it was headed toward the 584 00:33:10,920 --> 00:33:14,760 Speaker 1: province of guang Sho. The New York Times says local 585 00:33:14,800 --> 00:33:18,040 Speaker 1: officials saw flames and smoke rising from a hillside in 586 00:33:18,080 --> 00:33:21,120 Speaker 1: the area. Joe Biden will speak with the European leaders 587 00:33:21,160 --> 00:33:23,520 Speaker 1: ahead of his trip to the continent this week. Meanwhile, 588 00:33:23,640 --> 00:33:27,000 Speaker 1: shelling continued overnight with a large shopping center on the 589 00:33:27,040 --> 00:33:31,840 Speaker 1: outskirts of Kiev, killing at least six people. Ukraine rejected 590 00:33:31,920 --> 00:33:34,400 Speaker 1: a Russian demand for its forces to lay down their 591 00:33:34,520 --> 00:33:37,840 Speaker 1: arms and leave Mariopal. In College of Basketball, the men's 592 00:33:37,920 --> 00:33:40,400 Speaker 1: n C double A Sweet sixteen is set. Duke, Kansas 593 00:33:40,440 --> 00:33:44,360 Speaker 1: and Villanova advanced. Yesterday in the NBA, the Nickson Warriors lost, 594 00:33:44,400 --> 00:33:46,960 Speaker 1: the Celtics won. In the NHL, the Rangers won, the 595 00:33:47,040 --> 00:33:50,400 Speaker 1: Islanders and Capitals lost. Global News twenty four hours a 596 00:33:50,520 --> 00:33:53,720 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 597 00:33:53,840 --> 00:33:56,560 Speaker 1: than twenty seven journalists and analysts in more than a 598 00:33:56,640 --> 00:33:59,960 Speaker 1: hundred twenty countries. I'm Michael bar This is Bloomberg, John Michael, 599 00:34:00,120 --> 00:34:02,320 Speaker 1: thank you, five forty nine on Wall Street. We're lining 600 00:34:02,360 --> 00:34:05,440 Speaker 1: from the Bloomberg in Tryin to Brokers Studios. This is 601 00:34:05,520 --> 00:34:09,239 Speaker 1: Bloomberg Day Break. Well. Investors are looking at the diplomatic 602 00:34:09,280 --> 00:34:11,840 Speaker 1: efforts to bring a war, bringing the end of the 603 00:34:11,920 --> 00:34:14,080 Speaker 1: war in Ukraine let's get you a set up for 604 00:34:14,120 --> 00:34:17,680 Speaker 1: the trading day ahead. We are joined now by St. Twack, 605 00:34:17,800 --> 00:34:21,400 Speaker 1: the Flowbank chief investment officer. Thanks for being with us 606 00:34:21,480 --> 00:34:24,080 Speaker 1: this Monday morning. You know, we have war, we have 607 00:34:24,239 --> 00:34:27,640 Speaker 1: a FED hiking cycle, we have inflation, and yet over 608 00:34:27,719 --> 00:34:30,040 Speaker 1: the past few trading sessions and it's been a risk 609 00:34:30,160 --> 00:34:32,120 Speaker 1: on sentiment. Can you make sense of this for me? 610 00:34:33,840 --> 00:34:36,959 Speaker 1: Good morning. I think we've just gotten to the point 611 00:34:37,040 --> 00:34:40,239 Speaker 1: where so much bad news was already priced in and 612 00:34:40,560 --> 00:34:44,600 Speaker 1: technicals were turning favorable because there were not a lot 613 00:34:44,680 --> 00:34:49,040 Speaker 1: of people long because we were looking at really oversold conditions, 614 00:34:49,840 --> 00:34:52,319 Speaker 1: And we got a couple of good headlines, a little 615 00:34:52,360 --> 00:34:55,719 Speaker 1: more clarity from central banks, a lot of work from 616 00:34:55,760 --> 00:34:58,680 Speaker 1: the Fed to try to re anchor those inflation expectations, 617 00:34:59,200 --> 00:35:02,400 Speaker 1: a little bit of which might have been a bit premature, 618 00:35:02,640 --> 00:35:07,080 Speaker 1: on negotiations between Russia and the Ukraine. And then of 619 00:35:07,120 --> 00:35:12,000 Speaker 1: course some reassurance from China on its regulatory crackdown and 620 00:35:12,200 --> 00:35:14,799 Speaker 1: on support for the markets, and kind of you put 621 00:35:14,840 --> 00:35:18,239 Speaker 1: all those and that technical picture, and at some point 622 00:35:18,280 --> 00:35:20,640 Speaker 1: the market was bound to recover. Where do we go 623 00:35:20,760 --> 00:35:25,640 Speaker 1: from here? Well, I think that the today's looking a 624 00:35:25,719 --> 00:35:28,560 Speaker 1: little more mixed Um, it depends a bit on your 625 00:35:28,600 --> 00:35:31,560 Speaker 1: investment horizon. We're still not out of the woods on 626 00:35:31,719 --> 00:35:36,480 Speaker 1: a number of these events. Uh. And obviously the situation 627 00:35:36,600 --> 00:35:39,520 Speaker 1: with the Ukraine seems like it's going to last longer 628 00:35:39,600 --> 00:35:43,800 Speaker 1: than than people might have hoped. Um, there's potentially a 629 00:35:43,880 --> 00:35:47,480 Speaker 1: little more upside, but I think going through some of 630 00:35:47,560 --> 00:35:50,319 Speaker 1: the more recent highs of the last couple of months 631 00:35:50,440 --> 00:35:52,319 Speaker 1: might take a little bit longer, so it could stay 632 00:35:52,440 --> 00:35:55,600 Speaker 1: choppy for a couple more months. But those loads seem 633 00:35:55,680 --> 00:35:58,280 Speaker 1: to be holding, and I think that's a very encouraging sign. 634 00:35:58,719 --> 00:36:00,719 Speaker 1: For six or nine or two alf months from now, 635 00:36:01,120 --> 00:36:04,160 Speaker 1: we've had healthcare and the energy among the factors that 636 00:36:04,200 --> 00:36:07,720 Speaker 1: have been outperforming. How, if at all, has your investment 637 00:36:07,800 --> 00:36:13,359 Speaker 1: thesis changed. We haven't changed so much because we had 638 00:36:13,440 --> 00:36:17,240 Speaker 1: something of a Barbell approach, So we were overweight energy 639 00:36:17,520 --> 00:36:21,880 Speaker 1: since last year's and not at all expecting the conflict, 640 00:36:22,040 --> 00:36:26,000 Speaker 1: but thinking that these companies had catch up potential compared 641 00:36:26,040 --> 00:36:30,160 Speaker 1: to oil prices even before this happened. UM, we have 642 00:36:30,719 --> 00:36:33,480 Speaker 1: the Barbell approach, thinking that tech at some point growth 643 00:36:33,680 --> 00:36:35,960 Speaker 1: is going to slow and then you're going to want 644 00:36:36,000 --> 00:36:39,320 Speaker 1: that more defensive nature of that quality, and those sustainable earnings, 645 00:36:39,680 --> 00:36:43,399 Speaker 1: so maybe a little more selective um on the tech side, 646 00:36:43,440 --> 00:36:46,839 Speaker 1: but we've kept those and we we've seen so much 647 00:36:46,920 --> 00:36:50,480 Speaker 1: movement in the markets basically since the invasion at the 648 00:36:50,600 --> 00:36:53,839 Speaker 1: end of February, it hasn't felt, uh that we really 649 00:36:53,920 --> 00:36:57,120 Speaker 1: wanted to start playing around too much. We might look 650 00:36:57,160 --> 00:37:00,359 Speaker 1: at adjusting at some point now, but again positioning more 651 00:37:00,480 --> 00:37:02,839 Speaker 1: for three to six months from now and and staying 652 00:37:02,880 --> 00:37:05,800 Speaker 1: constructive with our outlook after the meeting last week that 653 00:37:06,080 --> 00:37:09,080 Speaker 1: here Jerome Powell is speaking a little later to the idea, 654 00:37:09,160 --> 00:37:14,200 Speaker 1: suppose he opens up any new doors. You know, where 655 00:37:14,280 --> 00:37:16,840 Speaker 1: we haven't had that much clarity yet is on the 656 00:37:16,960 --> 00:37:19,880 Speaker 1: asset or on the balance sheets. Although it does seem 657 00:37:19,960 --> 00:37:22,600 Speaker 1: like there aren't going to be outright assets sales. It's 658 00:37:22,640 --> 00:37:26,440 Speaker 1: really going to be about UM letting those reinvestments roll 659 00:37:26,520 --> 00:37:29,960 Speaker 1: off and stopping that. One thing that we've heard a 660 00:37:30,040 --> 00:37:32,520 Speaker 1: lot from the Fed. They weren't as explicit last week, 661 00:37:32,560 --> 00:37:35,200 Speaker 1: but we could keep hearing about that. They talked they 662 00:37:35,400 --> 00:37:40,360 Speaker 1: always think in terms of inflation expectations remaining anchored, and 663 00:37:40,440 --> 00:37:45,200 Speaker 1: it feels like these expectations came unanchored recently. The conflict 664 00:37:45,360 --> 00:37:47,640 Speaker 1: certainly didn't help, and We're going to see a lot 665 00:37:47,719 --> 00:37:50,160 Speaker 1: of work from the feed to re anchor those medium 666 00:37:50,200 --> 00:37:53,320 Speaker 1: to long term expectations. They know the short term inflation 667 00:37:53,400 --> 00:37:57,040 Speaker 1: picture is going to be higher for longer and there's 668 00:37:57,040 --> 00:37:58,879 Speaker 1: only so much you can do about it. Right, higher 669 00:37:58,920 --> 00:38:01,680 Speaker 1: interest rates is going to help with food and energy 670 00:38:01,760 --> 00:38:05,319 Speaker 1: prices given the current situation. But they want to re anchor. 671 00:38:05,400 --> 00:38:07,400 Speaker 1: They want to get that confidence from the market that 672 00:38:07,520 --> 00:38:10,719 Speaker 1: they can pay inflation, and I would expect Paul to 673 00:38:10,760 --> 00:38:14,439 Speaker 1: mention that again in just about twenty seconds. The yield 674 00:38:14,440 --> 00:38:17,920 Speaker 1: curve flattening and necessarily is that an indication of recession 675 00:38:18,040 --> 00:38:23,000 Speaker 1: risk being raised? I think all of the QUEUEI and 676 00:38:23,200 --> 00:38:27,520 Speaker 1: the intervention from central banks has changed that as an indicator. 677 00:38:28,040 --> 00:38:30,400 Speaker 1: It would be one more in a list of negatives 678 00:38:30,600 --> 00:38:34,120 Speaker 1: for markets, But it doesn't necessarily mean a recession is coming. 679 00:38:34,160 --> 00:38:36,120 Speaker 1: And I certainly don't think the US is facing a 680 00:38:36,160 --> 00:38:38,759 Speaker 1: recession this year, as do you always A pleasure has 681 00:38:38,800 --> 00:38:43,439 Speaker 1: to dank Flowbanks Chief investment Officer Nathan Okay John thanks 682 00:38:43,480 --> 00:38:45,680 Speaker 1: for coming up to five fifty four on Wall Street 683 00:38:45,719 --> 00:38:48,319 Speaker 1: Time now for our Bloomberg Law reported a legal story 684 00:38:48,360 --> 00:38:51,320 Speaker 1: we're watching this morning. The prosecution is coming to the 685 00:38:51,400 --> 00:38:54,120 Speaker 1: end of its case against former Goldman sax banker Roger 686 00:38:54,360 --> 00:38:57,880 Speaker 1: Ing his prosecution as part of the firm's one MDB scandal. 687 00:38:58,400 --> 00:39:00,800 Speaker 1: Ing is accused of conspiring with his former boss to 688 00:39:00,880 --> 00:39:04,759 Speaker 1: him Lysner, to help finance Joe Lowe siphoning billions from 689 00:39:04,800 --> 00:39:07,080 Speaker 1: a trio of Vonville's the bank did for the Sovereign 690 00:39:07,080 --> 00:39:10,760 Speaker 1: Wealth Fund one MTB. Lisner's pleaded guilty. He's the state's 691 00:39:10,920 --> 00:39:14,600 Speaker 1: star witness against However, during his ten days on the 692 00:39:14,719 --> 00:39:18,160 Speaker 1: standal Eisner admitted to a host of lies, lies to 693 00:39:18,280 --> 00:39:21,120 Speaker 1: his wives, to his business partners, and to his bosses. 694 00:39:21,640 --> 00:39:24,280 Speaker 1: For more on the case, June Grosso speaks to Bloomberg 695 00:39:24,400 --> 00:39:28,239 Speaker 1: Legal reporter Patricia Hurtado. Pat you need a scorecard to 696 00:39:28,360 --> 00:39:32,839 Speaker 1: keep track of all Leisner's lies. The defense called him 697 00:39:33,080 --> 00:39:37,719 Speaker 1: a rare and cunning liar. What was your impression of him? Well, 698 00:39:37,800 --> 00:39:41,200 Speaker 1: it's really rare. You have a white collar descendant who 699 00:39:41,400 --> 00:39:45,520 Speaker 1: seems to be admired in duplicit its behavior. I don't 700 00:39:45,560 --> 00:39:48,080 Speaker 1: know there's another way of characterizing it. I mean, he 701 00:39:48,480 --> 00:39:51,719 Speaker 1: have admitted to being a double big a mess. So 702 00:39:51,880 --> 00:39:54,640 Speaker 1: he was twice married to two women at the time, 703 00:39:55,080 --> 00:39:58,759 Speaker 1: undirect He told the prosecutor that he had staked divorces 704 00:39:58,880 --> 00:40:04,120 Speaker 1: from to women. Defense also showed how he created a 705 00:40:04,239 --> 00:40:08,520 Speaker 1: safe email account imposed as his current wife at the 706 00:40:08,600 --> 00:40:12,239 Speaker 1: time to converse with his future wife, who turns out 707 00:40:12,280 --> 00:40:16,279 Speaker 1: to be the former fashion model Commrally Shimmons. And it's 708 00:40:16,360 --> 00:40:19,600 Speaker 1: quite extraordinary that somebody was able to pose as his 709 00:40:19,760 --> 00:40:23,239 Speaker 1: wife for years in this fake relationship. And he's also 710 00:40:23,360 --> 00:40:27,560 Speaker 1: shown to use accounts created in his wise name to 711 00:40:28,000 --> 00:40:30,840 Speaker 1: create a bunch of shell companies to which he funneled 712 00:40:30,960 --> 00:40:35,080 Speaker 1: and shuffled money around. And he's accused of being involved 713 00:40:35,160 --> 00:40:39,040 Speaker 1: in this massive foreign bribery case involving one MTB, the 714 00:40:39,160 --> 00:40:42,400 Speaker 1: Malaysian Sovereign Wealth Fund. So you have this massive fraud 715 00:40:42,640 --> 00:40:44,880 Speaker 1: that's the center of the case. But then you also 716 00:40:45,000 --> 00:40:48,480 Speaker 1: have a flawed cooperating witness that has a lot of 717 00:40:48,640 --> 00:40:51,360 Speaker 1: baggage and a lot of explaining to do, and the 718 00:40:51,520 --> 00:40:54,279 Speaker 1: defense has exploited a that what the defense seems to 719 00:40:54,360 --> 00:40:57,840 Speaker 1: be hoping for here is jury nullification. You know, the 720 00:40:57,960 --> 00:41:01,080 Speaker 1: jury saying, hey, the two other guys in this scheme 721 00:41:01,440 --> 00:41:05,120 Speaker 1: did far worse things. The guy on the stand, Tim Leisner, 722 00:41:05,160 --> 00:41:07,680 Speaker 1: has made a deal with the government, and the other guy, 723 00:41:07,880 --> 00:41:11,239 Speaker 1: j Lo has disappeared into the ether and no one 724 00:41:11,360 --> 00:41:14,279 Speaker 1: is prosecuting him. So in's the fall guy here and 725 00:41:14,360 --> 00:41:17,160 Speaker 1: it would be unfair to convict him. Well, that's definitely 726 00:41:17,280 --> 00:41:20,920 Speaker 1: the defensive story. It's this is the wrong guy. Roger's 727 00:41:21,000 --> 00:41:23,719 Speaker 1: just here. Just because you're present at a scene of 728 00:41:23,760 --> 00:41:27,200 Speaker 1: a crime doesn't need you're participating in the crime. Isn't 729 00:41:27,239 --> 00:41:30,239 Speaker 1: how the jury is going to view Wisner in the 730 00:41:30,440 --> 00:41:33,800 Speaker 1: context of who's really moving that's brought along? Is it 731 00:41:33,920 --> 00:41:37,840 Speaker 1: really Wisner that's the main mover with Roger tagging along, 732 00:41:38,280 --> 00:41:42,160 Speaker 1: and we have so many problems laying lisner version of 733 00:41:42,320 --> 00:41:46,960 Speaker 1: events which seem a little shaky, that we may decide, 734 00:41:47,360 --> 00:41:50,080 Speaker 1: you know, how are we going to hold him responsible 735 00:41:50,160 --> 00:41:53,120 Speaker 1: for this guy that's the main mover? The defense has 736 00:41:53,280 --> 00:41:57,919 Speaker 1: argues that basically Wisner is implicating Roger to get off 737 00:41:58,040 --> 00:42:01,160 Speaker 1: and get a more lenient sense, so remains to speak sane, 738 00:42:01,400 --> 00:42:05,239 Speaker 1: whether or not the jury beliefs. That's Bloomberg Legal report 739 00:42:05,280 --> 00:42:08,440 Speaker 1: of Patricia Hurtado speaking with bloombergs June Grosso. You can 740 00:42:08,480 --> 00:42:10,880 Speaker 1: catch more of that interview a plus analysis of the 741 00:42:10,960 --> 00:42:13,799 Speaker 1: latest legal news by listening to The Bloomberg Law Show 742 00:42:13,880 --> 00:42:16,719 Speaker 1: at ten pm Eastern time or subscribing to the Bloomberg 743 00:42:16,800 --> 00:42:20,440 Speaker 1: Law podcast, and attorneys can find exceptional legal research and 744 00:42:20,520 --> 00:42:24,120 Speaker 1: business development tools at Bloomberg law dot com. Right now, 745 00:42:24,520 --> 00:42:27,920 Speaker 1: SMP futures are down six point staff futures down, ACT 746 00:42:27,960 --> 00:42:30,640 Speaker 1: futures down forty nine points ten. Your treasury is down 747 00:42:30,719 --> 00:42:34,600 Speaker 1: nine thirty seconds. The two ninemex screwed up three point 748 00:42:34,680 --> 00:42:37,200 Speaker 1: four percent a hundred eight dollars twenty three cents of 749 00:42:37,239 --> 00:42:40,960 Speaker 1: barrel bitcoin trading right now just shy of forty one 750 00:42:41,040 --> 00:42:45,680 Speaker 1: three hundred dollars. Bloomberg Daybreak continues. We'll check our top 751 00:42:45,760 --> 00:42:48,400 Speaker 1: stories of the morning straight ahead. This is Bloomberg