Speaker 1: My from the Bloomberg Interactive Berger Studios. This is Bloomberg
Speaker 1: day Break for Monday, April two. Coming up this hour,
Speaker 1: Secretary of State b Lincoln and Defense Secretary Austin meet
Speaker 1: with Ukrainian President vladimir's Olinsky in Keene. Emmanuel mcrown wins
Speaker 1: another term as French president. Stocks in China plunge on
Speaker 1: COVID concerns, and Twitter grows more receptive toward Elon Musk's
Speaker 1: takeover offer. New York City firefighter has noted in the
Speaker 1: line of duty. Plus the Supreme Court is set to
Speaker 1: here arguments involving a separation of church and state at
Speaker 1: Michael black More, I'm John Stage and sports the Mets
Speaker 1: and Yankees both one NBA playoff wins from Milwaukee, Miami, Denver,
Speaker 1: and New Orleans. That's all trading ahead on Bloomberg Daybreak
Speaker 1: on Bloomberg eleven, Free on New York, Bloomberg N one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco, Syrius x M one nineteen and around
Speaker 1: the world on Bloomberg Radio dot Com and via the
Speaker 1: Bloomberg Business app. Good Morning, I'm Nathan Hagart and I'm Karen. Moscow.
Speaker 1: US Dock Index futures are following this morning, coming up
Speaker 1: to five o one on Wall Street, and we checked
Speaker 1: the markets every fifteen minutes throughout the trading day. On Bloomberg,
Speaker 1: U S and P Future is down forty one point down,
Speaker 1: futures down A three hundred five and NASTAG futures down
Speaker 1: one D. Ten year treasury up thirty seconds, EL two
Speaker 1: point eight one percent and they yield on the two
Speaker 1: year two point five nine percent, and NIMEX screwed oil
Speaker 1: is down four point seven percent. Nathan, all right, Karen,
Speaker 1: we'll get back to markets in just a minute. But first,
Speaker 1: there is a significant diplomatic development in the war in Ukraine.
Speaker 1: Secretary of State Anthony B. Lincoln and the Fence Secretary
Speaker 1: Lloyd Austin met with President Vladimir z Olinsky in Kiev.
Speaker 1: They announced a hundred sixty five million dollars in ammunition
Speaker 1: sales and said US diplomats will return to Ukraine as
Speaker 1: soon as this week. Secretary B. Lincoln says Ukraine will
Speaker 1: prevail on the battlefield. Russia has already failed and Ukraine
Speaker 1: has already succeeded because the principal aim that the President
Speaker 1: Putin brought to this in his own words, was to
Speaker 1: fully subsume Ukraine back into Russia to take away its
Speaker 1: sovereigtine independence. And that has not happened and clearly will
Speaker 1: not have. Secretary of State Lincoln was joined by Defense
Speaker 1: Secretary Lloyd Austin, who says the US wants to ensure
Speaker 1: Russia remains weekend. It has already lost a lot of
Speaker 1: military capability and a lot of a lot of its troops,
Speaker 1: quite frankly, and we want to see them not have
Speaker 1: the capability to very quickly reproduce that capability. Secretaries Austin
Speaker 1: and Blincoln are the highest ranking US officials to visit
Speaker 1: Ukraine since Russia's invasion began. Well in France this morning,
Speaker 1: Nathan Politics Front and Center, Emmanuel mccron has won a
Speaker 1: second term as president and again more from Bloomberry's francing
Speaker 1: the Laqua in Paris. Immanuel mccorn defeated far right leader
Speaker 1: Behind le Ben on a pro business, pro European platform.
Speaker 1: He's the first sitting president to get a second term
Speaker 1: in twin t years. McCoy is on course to win
Speaker 1: about fifty eight percent of the vote compared with for Liepin,
Speaker 1: a narrower victory than their previous contest in twe The
Speaker 1: outcome is good news for investors who had predicted that
Speaker 1: a Liepin victory would deliver shock to markets on the
Speaker 1: scale of the UK's vote to leave the EU or
Speaker 1: the election of Donald Trump in the US, but the
Speaker 1: rise in support from behind Loepin's the Nationalist program also
Speaker 1: reflects a bitterly divided country. Speaking to supporters in front
Speaker 1: of the Eiffel Tower in Paris, Macon thanked French voters
Speaker 1: for trusting him after five years of hard times. He
Speaker 1: acknowledged many people voted for him only to block the
Speaker 1: far right, and vowed to be president of all in Paris,
Speaker 1: I'm from de Laqua. Bloomberg day Break, All right, Francine,
Speaker 1: thank you. In Asia, Overnight stocks in China plunged almost
Speaker 1: five percent or worsening COVID outbreak is fueling fears of
Speaker 1: a bigger slowdown in the world's second largest economy. We
Speaker 1: get more from Bloomberg Daybreak Asia anchor Brian Curtis. Authorities
Speaker 1: have lockdown some parts of the Hopital policymakers are racing
Speaker 1: to prevent a repeat of the Shanghai outbreak that has
Speaker 1: hobbled the city for weeks. Shanghai reported record daily deaths
Speaker 1: over the weekend that the lockdowns could hurt growth. Oil
Speaker 1: and iron ore tumbled in Monday morning trading. Bryan Curtis,
Speaker 1: Sloomberg Daybreak. All right, Brian, thank you all Back here
Speaker 1: in the US. We're focusing on Twitter. The social media
Speaker 1: company is growing more receptive to Elon musk forty three
Speaker 1: billion dollar tankover offer. Let's get the latest live from
Speaker 1: Bloomberg's Randit A young good morning, Ready, and a good morning, Karen. Bloomberg.
Speaker 1: Sources say Elon Musk met with Twitter executives on Sunday
Speaker 1: to discuss his offer. Twitter's board initially countered Musk's proposal
Speaker 1: with a poison pill, which would make it more expensive
Speaker 1: for any investor, including Musk, to acquire stock beyond a
Speaker 1: fifteen pent steak. Musk currently owns about nine percent of Twitter,
Speaker 1: but The Wall Street Journal reports Musk says he will
Speaker 1: not adjust his fifty four dollars and twenty cents this
Speaker 1: year offer for Twitter that's above Friday's closing price. The
Speaker 1: journal also reports a you could be finalized as soon
Speaker 1: as this week. Live in New York. I'm gonna need
Speaker 1: a young Bloomberg day Break, all right, we need to
Speaker 1: thank you. Corporate earnings are also in focus, with more
Speaker 1: than a third of the companies in the SMP five reporting.
Speaker 1: This week, we get a preview from Bloomberg's Charlie Pellett, Apple, Amazon,
Speaker 1: and other technology giants report results. As to major industrial,
Speaker 1: healthcare and consumer goods companies. Sarah Malick is chief investment
Speaker 1: officer at Nouven. Who we're watching for for earnings are
Speaker 1: with the demand outlook, pricing, power, supply chain issues so
Speaker 1: going forward, and we're so bullish that earnings will continue
Speaker 1: to drive this market higher. This week we hear from Alphabet, Microsoft, Intel,
Speaker 1: and Texas Instruments among tech names. Also this week, three M, Boeing,
Speaker 1: g E G, m Ford, Caterpillar, x On Mobile, en
Speaker 1: Visa in New York, Charlie Pellet Bloomberg day Break, Turley,
Speaker 1: thank you. Another impact on earnings employee pay. According to
Speaker 1: a survey by the National Association for Business Economics, wages
Speaker 1: increased at a record seventy in of US companies in
Speaker 1: the first quarter. About half of the firm's surveyor still
Speaker 1: reporting shortages of skilled labor. There is a warning going
Speaker 1: out to Democrats, Karen from one of their own. Senator
Speaker 1: Elizabeth Warren says her party could be in real trouble
Speaker 1: in this year's elections if it doesn't do more to
Speaker 1: deal with inflation. I think we're going to be in
Speaker 1: real trouble if we don't get up and deliver that.
Speaker 1: I believe that Democrats are going to lose Democrats when
Speaker 1: when they do what when they work on behalf of
Speaker 1: working people. Senator Warren's hell CNN Democrats need to push
Speaker 1: through legislation to tamp down soaring prices. Christie mcguard also
Speaker 1: speaking out about inflation, Nathan the ECB presidents, saying both
Speaker 1: the US and Europe are struggling to contain prices, but
Speaker 1: the challenges are different. Right now, half of Europe's inflation
Speaker 1: stems from searching energy costs. I believe that we share
Speaker 1: the same result, which is to time inflation, which is
Speaker 1: to use all the tools that we have to do so.
Speaker 1: But we're facing the from beast. ECB president Christine Lagartel
Speaker 1: CBS has faced the nation that if she raised interest
Speaker 1: rates today, it would not bring down energy prices. And
Speaker 1: you can catch face the nation every Sunday on Bloomberg Radio,
Speaker 1: futures are lower this morning, straight ahead, your latest local headlines,
Speaker 1: plus a check of sports. And this is Bloomberg from Karen.
Speaker 1: Thank you. Five oh seven on Wall Street, seven degrees
Speaker 1: in Central Park. We've got a couple of problems going
Speaker 1: both ways on the Garden State Parkway. We'll get to
Speaker 1: the details coming up in traffic. First, Michael Bars here
Speaker 1: with more on what's going on in New York and
Speaker 1: around the world. Good morning, Michael, Good morning Nathan. Officials
Speaker 1: say a New York City firefighter and a civilian have
Speaker 1: dined in a Brooklyn house fire where a ceiling partially collapsed.
Speaker 1: Acting Fire Department of New York Commissioner Laura Kavanaugh said
Speaker 1: thirty one year old firefighter Timothy Klein was a six
Speaker 1: year veteran of the department. The incident commander identified deteriorating
Speaker 1: conditions and ordered all members out of the building. As
Speaker 1: they were doing so, there was a partial collapse of
Speaker 1: the seing. Four members were caught in that collapse. Commissioner
Speaker 1: Kavanaugh said eight other firefighters were also injured in Sunday's blaze,
Speaker 1: and another resident sustained minor injuries. Mayor Eric Adams more
Speaker 1: inclined death, saying the city had lost one of its bravest. Meanwhile,
Speaker 1: Mayor Adams also talked about crime in the city. We
Speaker 1: removed eighteen hundred guns off the streets of our city
Speaker 1: since I've been elected eighteen hundred and so we're put
Speaker 1: in place the foundation of dealing with the immediate needs
Speaker 1: of violence. But we also stopped in the pipeline that
Speaker 1: caused his children to get involved in violence. Mayor Adams
Speaker 1: made his comments on CDs IS sixty Minutes, which aired
Speaker 1: last night. Jerry Selection begins today and one of the
Speaker 1: highest profiled US capital riot trials. A former New York
Speaker 1: City police officers accused of assaulting a Washington police officer
Speaker 1: on January six. Thomas Webster was a former New York
Speaker 1: City Police officer once assigned to the detail of a
Speaker 1: former mayor. He's charged with assaulting police at the Capitol
Speaker 1: on January six with a barricade while carrying a flagpole.
Speaker 1: Prosecutors are expected to show jurors body camera video of
Speaker 1: the confrontation. Webster is also expected to argue self defense
Speaker 1: against an officer who was overstepping The Supreme Court has
Speaker 1: had to hear arguments today in the case of a
Speaker 1: former high school football coach in Bremerton, Washington. Joseph Kennedy
Speaker 1: was fired by the public school district after refusing to
Speaker 1: stop praying on the field after games. Kennedy says his
Speaker 1: First Amendment rights were violated. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than twenty seven hundred journalist and analyst in more
Speaker 1: than a hundred twenty countries. Not Michael barn This is Bloomberg, Nathan.
Speaker 1: All right, Michael, thank you. It's five oh nine on
Speaker 1: All Street, time for the Bloomberg Sports Update and Morney
Speaker 1: John stash out. Morning Nathan. It's an early season struggles,
Speaker 1: and yet here are the Yankees right now, tied for
Speaker 1: the best record the American Lady. They had their most
Speaker 1: lopsided win of the year, and they had their first
Speaker 1: series suite. They beat the Guardians at the stadium, tended
Speaker 1: to Anthony Rizzo, got him going to on Homer first tinning.
Speaker 1: They were up six nothing in the third, plenty of
Speaker 1: run support for Garrett Cole who got his first win.
Speaker 1: Get a nice ovation from the craft. Obviously nice Uh,
Speaker 1: it's just a nice day overall. Really well played game.
Speaker 1: Um just to get finished to the series suite Fount
Speaker 1: hard Um and really just put a cherry on top
Speaker 1: and played to play a complete three games. And fans
Speaker 1: at the stadium behaved themselves after what happened on Saturday.
Speaker 1: Yanks off tonight that hosts Baltimore tomorrow. Mets with a
Speaker 1: six to win at Arizona's. Tyler McGill improved the three
Speaker 1: and oh and the Mets have won every series they've
Speaker 1: played this season. They have a four game lead in
Speaker 1: the NL East. They're in St. Louis tonight. That's the
Speaker 1: battle of early season National League the losing leaders Final
Speaker 1: Wake in the NHL regular season, Carolina beat the Islanders
Speaker 1: five to two. That puts the Hurricanes four points ahead
Speaker 1: of the Rangers. The team's fighting to win the Division
Speaker 1: of the Keynes will face the Rangers at the Garden tomorrow.
Speaker 1: At Barkley's Tonight, Nets and Celtics game four, with Boston
Speaker 1: going for the sweep. There was some hope that facing
Speaker 1: elimination of the Nets would have Ben Simmons in the
Speaker 1: line up for the first time ever, but citing the
Speaker 1: sworeback Simmons will not play. To stay alive. Nets need
Speaker 1: a better game from Kevin Durand. He has been decisively
Speaker 1: outplayed in the series by Celtics store Jason Tatum Milwaukee
Speaker 1: in Miami, both one of the Road Leader series three
Speaker 1: one Denverse stayed Alize till Trail's Golden State. Three one,
Speaker 1: New Orleans beat Phoenix. That series tied at two. John
Speaker 1: stash Dower bloom Brick Sports okay, John, thank you a
Speaker 1: risk off morning. With SMP futures down forty five points down,
Speaker 1: futures down three thirty, NASTAC futures down a hundred twenty
Speaker 1: six points, The tenure treasury is up twenty thirty seconds,
Speaker 1: the yield two point two per cent, nime X screwed
Speaker 1: down four point nine percent, down five dollars one cent
Speaker 1: to ninety seven dollars four cents a barrel. We look
Speaker 1: at these market next with Dennis Gartman, former publisher of
Speaker 1: the Gartment Letter. This is Bloomberg, Bloomberg eleven three oh
Speaker 1: weather partly sunny today with highs in the low sixties.
Speaker 1: Chants for a few showers tomorrow with a high near
Speaker 1: sixty five. By Wednesday, it turns partly sunny but cooler,
Speaker 1: upper fifties right now forty seven in Central Park Markets.
Speaker 1: Headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg
Speaker 1: Quick Tape. This is a Bloomberg Business flash, and I'm Cameron.
Speaker 1: Moscow's docks and commodities are tumbling as China's worsening COVID
Speaker 1: outbreak compounds fear sparked by faster fed a reserve tightening.
Speaker 1: Bonds are arising. We checked the markets every fifteen minutes
Speaker 1: throughout the trading day. On Bloomberg U S and P.
Speaker 1: Future is down about forty seven points down. Future is
Speaker 1: down three d Nasdack Future is down one D five.
Speaker 1: The decks in Germany's down one point nine person sent ten.
Speaker 1: Your treasury of twenty one thirty seconds held two point
Speaker 1: eight one percent, That yield on the two year two
Speaker 1: point five nine percent. Nine X Screwed oil is down
Speaker 1: four point eight percent, down four dollars ninety one cents
Speaker 1: at ninety seven dollars twenty cents a barrel. Comics gold
Speaker 1: is down nine tenths per cent, or sixteen dollars seventy
Speaker 1: cents at nineteen seventeen sixty announced the euro one point
Speaker 1: seven three eight against the dollar, British pound one point
Speaker 1: to seven four zero, the un is at one eight
Speaker 1: point one one, and Bitcoin this morning lower down more
Speaker 1: than three percent at thirty eight thousand, two hundred ninety dollars.
Speaker 1: Today we are watching for earnings from companies, including Coca Cola,
Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr
Speaker 1: with more on what's going on around the world. Michael,
Speaker 1: good morning, Good morning, Karen, U training An officials saying
Speaker 1: the U S Secretaries of State and Defense have met
Speaker 1: with President Belodamir Zelinsky in Key. French President Emmanuel McCraw
Speaker 1: has secured another term in office, handily defeating is far
Speaker 1: right opponent Marine Leapin. The Chrome won a second term
Speaker 1: with roughly fifty eight percent of the vote, depend got
Speaker 1: about forty two. In MLB, the Yankees and Mets one.
Speaker 1: The Red Sox and Orioles lost. The Giants beat the
Speaker 1: Nationals twelve three the A's one. Tonight, it will be
Speaker 1: do or dive for the Brooklyn Nets as they try
Speaker 1: to stay off elimination from the Boston Celtics. They will
Speaker 1: play Game four tonight, also in the NBA Playoffs, the
Speaker 1: Warriors lost to the Nuggets. Golden States still has the
Speaker 1: three games to one lead in that series. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than hundred journalists and analyst
Speaker 1: more than a hundred twenty countries. Hi, Michael Barr, and
Speaker 1: this is Bloomberg. Nathan, Okay, Michael, thank you. It's five
Speaker 1: nineteen on Wall Street Live from the Bloomberg Interactive Brooker Studios.
Speaker 1: This is Bloomberg Daybreak, and Dennis Gartment is with us
Speaker 1: this morning, chairman of the University of Akron Endowment Investment
Speaker 1: Committee and of course, former publisher of the Gartment Letter.
Speaker 1: As we see deep red for risk assets on the
Speaker 1: screen this morning, it seems as though Dennis did tell me,
Speaker 1: if I'm wrong, a lot of this is driven by
Speaker 1: concerns about COVID in China. How much further could this go?
Speaker 1: I think fearfully it could go quite quite a good
Speaker 1: deal further to the downside. I've embarrassed with stocks since
Speaker 1: January this year, been very consistent about that fact, and
Speaker 1: actually had the university reduced the size of its portfolio
Speaker 1: by twelve to on December thirty one to last year. Uh.
Speaker 1: For my own account, I got stopped out of a
Speaker 1: lot of long positions on Thursday and Friday of last week.
Speaker 1: I'm happy to be basically as as flat as I've
Speaker 1: been in a long period of time. The set is
Speaker 1: tightening monetary policy long overdue, something that should have been
Speaker 1: started two years ago. They're going to be their assets
Speaker 1: rather consistently over the course of the next two or
Speaker 1: three years, and the overnight said funds rate is going
Speaker 1: to go higher. So I think you got I think
Speaker 1: you have problems here for a period of time ahead,
Speaker 1: and you have to be very very careful. So this
Speaker 1: is I think people are trying to explain the today's
Speaker 1: move predicated upon the COVID. I think it's more to
Speaker 1: attributed to the fact that the Federal Reserve Bank has
Speaker 1: become has has excited QUEI and is beginning quantitative tightening.
Speaker 1: And I think we're going to be in that a
Speaker 1: long period of time, so be very careful. This is
Speaker 1: going down a long way. I'm afraid how far do
Speaker 1: you think it could go? I mean, give me a
Speaker 1: number now, I prefer not giving a number. The best
Speaker 1: the one can do. I've been in the business for
Speaker 1: almost fifty years, and if you get the direction right,
Speaker 1: that's the best you can do. So things are moving
Speaker 1: from the upper left to the lower right. They're going
Speaker 1: to continue to move from the upper left to the
Speaker 1: lower right. Mark this down. They'll continue to do so
Speaker 1: until they stop. So putting a number on it, that's
Speaker 1: that's almost silly. And the best the one can do
Speaker 1: is get the direction correct. So what what bothers me
Speaker 1: is the use of margin has been declining. That's always
Speaker 1: one of the signs of the top in the market,
Speaker 1: the feedtest. That's that's clearly going to be a delictarious
Speaker 1: to share prices. So as I said, be careful, I
Speaker 1: think it goes down another percent from here, at least
Speaker 1: maybe more. Now we have seen FED funds fuge his
Speaker 1: price in multiple fifty basis point hikes in upcoming meetings
Speaker 1: here do you think that continues if we do see
Speaker 1: demand destruction in commodities, If this China COVID situation continues
Speaker 1: to play out like it is at the moment, I
Speaker 1: think the said clearly will will tighten monetary policy by
Speaker 1: at least fifty by by fifty points in the upcoming
Speaker 1: May meeting. I think they're professionally to move fifty and
Speaker 1: fifty and fifty again has probably been reduced, but they're
Speaker 1: clearly they're gonna by fifty basis points at the meeting
Speaker 1: in two weeks and then I think it's up for
Speaker 1: up for grabs. But I think they're going to continue
Speaker 1: to tighten to the course of the year. But will
Speaker 1: they take it basis points higher than where they where
Speaker 1: we are right now by years? And I have my doubts.
Speaker 1: Rich what does that tightness mean for the growth? No
Speaker 1: problem inside? Now what does the tighter FED mean for
Speaker 1: US growth going forward? We've got a lot of discussion
Speaker 1: about whether the US has headed for a recession either
Speaker 1: this year or next. What's your view on that? Two
Speaker 1: things to watch and one I wrote two weeks ago,
Speaker 1: three weeks ago that if the said begins to take
Speaker 1: the overnight or it takes the two year above the
Speaker 1: five year and takes the two year above the ten
Speaker 1: year and then has UH crude oil above a d
Speaker 1: ten dollars a barrel recession is almost probability. I think
Speaker 1: that the former is going to happen. The two years
Speaker 1: going to go to a premium over the five years
Speaker 1: years going to even go to a premium over the
Speaker 1: ten year. But clearly the sort of slowing circumstances globally
Speaker 1: have put downward pressure upon crude oil prices. So instead
Speaker 1: of saying that there's a probability of recession this year,
Speaker 1: I reduced that to thirty better than better than the even.
Speaker 1: But still the odds of a recession have been reduced
Speaker 1: just because crude oil prices have fallen rather precipitously, pay
Speaker 1: attention to what's going on in crude oil. The fact
Speaker 1: that we've gone from a hundred ten dollars a barrel
Speaker 1: to what are we now ninety pausive barrel and the
Speaker 1: term structure is narrowing. That's a that's a material change
Speaker 1: in the course of the past month and a half.
Speaker 1: So I think it it's illustrative of the deletarious circumstances
Speaker 1: prevailing in the in the economy. Be careful, That's that's
Speaker 1: the best thing I can say. Be careful, all right,
Speaker 1: be careful and we'll leave it there. Thank you, Dennis,
Speaker 1: great as always having you with us. Dennis Gartman, Chairman
Speaker 1: of the University of Acronym Dowmint Investment Committee and former
Speaker 1: publisher of the Gartman Letter Red Headline just crossed the
Speaker 1: Bloomberg terminal moments ago. The global route wipes out negative
Speaker 1: yields from the company. Bond market will continue following that
Speaker 1: for you. Right now, SMP futures are down forty seven
Speaker 1: points to drop of one point one percent. Down Future
Speaker 1: is down three forty six. NASTACK futures are lower by
Speaker 1: a hundred thirty nine points. The tenure treasury is up
Speaker 1: twenty one thirty seconds now, the yield two point eight
Speaker 1: one percent and the yield on the two year two
Speaker 1: point six zero percent. Just ahead, Biden's cabinet visits Kiev
Speaker 1: and Twitter gives Elon Musk's takeover off for a second
Speaker 1: look your top stories of the morning. It's away. Stay
Speaker 1: with us. You're listening to Bloomberg Day right Bloomberg eleven
Speaker 1: three oh Weather partly sunny today with highs in the
Speaker 1: low sixties. Will be near sixty five of the chance
Speaker 1: for a few showers Tomorrow, turning partly sunny and cooler Wednesday,
Speaker 1: upper fifties for highs. Right now forty seven in Central
Speaker 1: Park broadcasting live from the Bloomberg Interactive Broker studio in
Speaker 1: New York, Bloomberg e Living Free to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg on a six one to San Francisco,
Speaker 1: Bloomberg sixty to the country, Sirius XM to one, nine ten,
Speaker 1: and around the globe the Bloomberg Business app and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Daybreak Pits five thirty
Speaker 1: on Wall Street. Good morning, I'm Nathan Hager and I'm
Speaker 1: Karen Moss Galley or just about four hours away from
Speaker 1: the open of US trading. Let's get you up to
Speaker 1: date on the news you need to know at this hour.
Speaker 1: And we've again in Ukraine, where U S. Secretary of
Speaker 1: State Anthony B. Lincoln and Defense Secretary Lloyd Austin met
Speaker 1: with the President of Vladimier's Lensky. Austin says Moscow has
Speaker 1: already lost a lot of military capability and he wants
Speaker 1: that to continue. You want to see Russia weakened to
Speaker 1: the degree that it can't do the kinds of things
Speaker 1: that it has done in invading Ukraine. U S Secretary
Speaker 1: of Defense Lloyd Austin, along with Secretary of State Anthony Blincoln,
Speaker 1: met with Zelenski and Kiev. The US promised over seven
Speaker 1: hundred million dollars in financial assistance for Ukraine and it's allage. B.
Speaker 1: Lincoln also announced diplomats will soon return to the country.
Speaker 1: Part of our commitment going forward involves a number of
Speaker 1: things that I was able to share with President Zelinski yesterday,
Speaker 1: including the return of American diplomats to Ukraine starting next week.
Speaker 1: Secretaries Austin and B. Lincoln are the highest ranking US
Speaker 1: officials to visit Ukraine since Russia's invasion began. Well meantime,
Speaker 1: in France, Karen Emmanuel macrons securative victory over far right
Speaker 1: leader Marine Leapin in the country's presidential election. Mccron becomes
Speaker 1: the first incumbent to win a second term in France
Speaker 1: in two decades. And China stocks and currencies are slumping
Speaker 1: as a COVID outbreak is stoking fears of a lockdown
Speaker 1: in Beijing. US futures and European shares are also dropping.
Speaker 1: DAL futures are lower down three hundred twelve points and
Speaker 1: the SNP is down. OUR futures are down fort h
Speaker 1: q in early trading. Back here in the US caring
Speaker 1: it is another big week for earnings tech giants Apple, Amazon, Alphabet,
Speaker 1: and Microsoft all report this week, as do many major industrial, healthcare,
Speaker 1: and consumer goods companies. And while big tech reports earnings,
Speaker 1: Twitter is growing more receptive to Elon musk forty three
Speaker 1: billion dollar takeover offer. We get the latest live from
Speaker 1: Bloomberg's Ready to Young, Good Morning, Ready to Good Morning,
Speaker 1: Karen Bloomberg. Sources say Elon Muth met with Twitter executives
Speaker 1: on Sunday to discuss this offer. Twitter's board initially counted
Speaker 1: Musk's proposal with a poison pill, which would make it
Speaker 1: more expensive for any investor, including Musk, to acquire stock
Speaker 1: beyond a fifteen pcent steak. Musk currently owns about nine
Speaker 1: percent of Twitter, but the Wall Street Journal reports Musk
Speaker 1: says he will not adjust his fifty four Twitter since
Speaker 1: this year offered for Twitter that's above Friday's closing price.
Speaker 1: The journal also reports a deal could be finalized as
Speaker 1: soon as this week. Live in New York, I'm rened
Speaker 1: a Young Bloomberg day break, all right, rened to thank
Speaker 1: you and again, SMP futures down at thirty eight points down,
Speaker 1: Futures down two hundred eighty one and nasdack futures down
Speaker 1: one hundred seven ten year Treasury up nineteen thirty seconds
Speaker 1: held two point eight two per cent. Straight to head
Speaker 1: your latest local headlines, plus a check of sports ham
Speaker 1: This is Bloombergs on Wall Street seven degrees in Central Park.
Speaker 1: Michael Barr has more on what's going on in New
Speaker 1: York and around the world. Michael, thank you very much. Nathan,
Speaker 1: a New York City firefighter, was killed and others injured
Speaker 1: after a house fire in Brooklyn. More than a hundred
Speaker 1: firefighters were at the scene of the three alarmed blaze.
Speaker 1: Mayor Eric Adams says thirty one year old Timothy Kline
Speaker 1: was one of four firefighters caught in a partial ceiling collapse.
Speaker 1: It gives us great pain is sorrow to announce that
Speaker 1: New York City has lost one of the bravest Manyor
Speaker 1: Adams also says a civilian apparently died in the blaze.
Speaker 1: The Supreme Court is taking on a dispute between public
Speaker 1: school officials and a former high school football coach who
Speaker 1: wanted to kneel and prey on the field after games.
Speaker 1: The case before the Justices involves Joseph Kennedy. He is
Speaker 1: a former football coach at Bremerton High School in Bremerton, Washington.
Speaker 1: The school district asked him to stop the prayers. Kennedy's
Speaker 1: lawyers say the Constitution's freedom of speech and freedom of
Speaker 1: religion guarantees that he is allowed to pray on the field.
Speaker 1: The Biden administration is appealing a federal judge's ruling to
Speaker 1: end the mask mandate for passengers on planes, trains, and buses.
Speaker 1: The termination of those c DC travel restrictions come as
Speaker 1: COVID cases are rising in places like New York City.
Speaker 1: The new Commissioner of Health in New York City, Dr.
Speaker 1: Ashwyn Vassan says he is disappointed. Number One, from a
Speaker 1: public health standpoint, wearing masks in indoor settings is is safe.
Speaker 1: It's a safety issue UM and planes, trains and automobiles
Speaker 1: and public transport is are really important higher risk locations
Speaker 1: because of the duration of exposure. Dr Vassan also says
Speaker 1: it really undermines trust when some city teachers got fake
Speaker 1: vaccination cards. The Axiom one spacecraft undocked from the International
Speaker 1: Space Station and we'll return to Earth. Axiom one brought
Speaker 1: the first all private crew to the orbiting lamp. Global
Speaker 1: News twenty four hours a Day on air and on
Speaker 1: Bloomberg Quick Take powered by more than twenty seven under
Speaker 1: a journalist and analysts are more than a hundred twenty countries.
Speaker 1: I'm Michael Barr and this is Bloomberg Nathan. Thank you.
Speaker 1: Michael on wall Street on Stashire has the Bloomber Sports
Speaker 1: Update ks Nathan. The strong start to the Mets season continues.
Speaker 1: They won six two in Arizona's Tyler McGill improved the
Speaker 1: three and home run for J. D. Davis. The Mets
Speaker 1: have now played five series. They have lost once and
Speaker 1: only once in each series. They'f a little better team now.
Speaker 1: The Cardinals are in perching n L Central Matchers or St.
Speaker 1: Louis Native on the bound for the Mets. Tonight, Yankees
Speaker 1: first sweep for the season ended with their most lopsided win,
Speaker 1: ten to two over the Guardians at the Stadium. Yanks
Speaker 1: rub six and nothing by the third inning home runs
Speaker 1: for Anthony Rizzo, d J. Le Mayhew and the seldom
Speaker 1: us Tim Locasto. Garrett Cole able to get his first win,
Speaker 1: able to lower his lower his e R. A down
Speaker 1: of four Nankings are off tonight at Barkley. Tonight, Nets
Speaker 1: face elimination. Celtics go for the series sweep. Let's go.
Speaker 1: Steve Nash after the Game three loss, asked if Kevin
Speaker 1: Durant's quiet series is the biggest problem. I think it's
Speaker 1: the unforced tournaments. I don't think Kevin has to go off.
Speaker 1: You know, we we we shot a good percentage. We
Speaker 1: just up, you know, court decision making, connecting simple passes,
Speaker 1: and they're going the other way. That's to me is
Speaker 1: in the difference of all three games, and that's of
Speaker 1: course made the big train of Philadelphia shipped out James Harden.
Speaker 1: The key player they got in return was Ben Simmons.
Speaker 1: Simmons didn't play at all for the Sixers this year
Speaker 1: to to some mental issues, and then he heard his
Speaker 1: back while getting ready to play for the Nets. He
Speaker 1: was said to be set to make his Nets debut
Speaker 1: tonight would have been his first game in nearly a year,
Speaker 1: but Simmons woke up with his back still sore. He's
Speaker 1: not going to play Milwaukee and Miami. With wins at
Speaker 1: Chicago and Atlanta, the Bucks and he'd have three one
Speaker 1: serious leads Denver one still Traill's Golden State three one.
Speaker 1: New Orleans beat Phoenix that series, Side of Town statue,
Speaker 1: Bloomberg Sports and thank you John thirty seven on Wall
Speaker 1: Street Time for the tri State Business Report with Bloomberg's
Speaker 1: head Cory. New York City is urging Amazon shareholders to
Speaker 1: vote against the re election of two of the online
Speaker 1: retailers board members responsible for human capital management. The city
Speaker 1: and others say that they opposed the reelection of Dan
Speaker 1: Hutton Locker and Judith McGrath, saying they failed to provide
Speaker 1: adequate independent oversight over workforce issues. Union mental health workers
Speaker 1: employed by Sound Community Services went on strike Sunday. They
Speaker 1: won better conditions and a mental healthcare nonprofit in New London, Connecticut.
Speaker 1: The union says state leaders of outsourced public mental health
Speaker 1: work to nonprofits in order to cut costs. Cattalent has
Speaker 1: agreed to buy Irritech self therapy manufacturing facility in Princeton
Speaker 1: for forty four point five million dollars. Irritech has a
Speaker 1: Phase one trial and first line pancreatic cancer ongoing in
Speaker 1: the US and is talking with the FDA about other
Speaker 1: developments that you Bloomberg tried, State Business Report, my D Corey,
Speaker 1: Thanks on Wall Street, Bloomberg Radios on the air, from
Speaker 1: San Francisco to New York, London to Hong Kong. Let's
Speaker 1: check in with our global news team for some of
Speaker 1: the top stories heard on our three hundred affiliate radio
Speaker 1: stations around the world. Steve Potaskan on ten ten Wins
Speaker 1: in New York, We're talking about top business economists saying
Speaker 1: that companies are paying more in wage is that for
Speaker 1: raw materials but passing those costs along to consumer um
Speaker 1: Corney's on a holl On Carol d and Dallas, Locky
Speaker 1: Barton and the Union at its F thirty five factory
Speaker 1: reach a new contract. John Tucker for w BBM in Chicago.
Speaker 1: I'm reporting US airlines are facing a pilot shortage. I'm
Speaker 1: killing hit called Bloomberg, DAB Digital Media and Onto. We're
Speaker 1: reporting on how one intent companies in the UK have
Speaker 1: been failing to provide reporting on modern slavery, a legal
Speaker 1: requirement that regulator says ferns must do more. Id Cory
Speaker 1: w w J and Detroit. I'm reporting BMW has promised
Speaker 1: to continue producing internal combustion engine and those are some
Speaker 1: of the stories are undred Bloomberg journalists and analysts are
Speaker 1: working on this morning around the world. It's five thirty
Speaker 1: nine on Wall Street. The following is an editorial from
Speaker 1: Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board.
Speaker 1: The bailouts of the past few decades, necessary as they were,
Speaker 1: have created a growing expectation whenever there's distress in markets,
Speaker 1: central banks must step in. Now some are suggesting they
Speaker 1: backstop commodity markets too. It's a bad idea. Commodity traders
Speaker 1: play a crucial role in the global economy, but their
Speaker 1: process is heavily dependent on borrowed money. Now some fear
Speaker 1: that a financing crunch could disrupt the flow of materials
Speaker 1: to end users, such as power plants. Still, a bailout
Speaker 1: would be hard to justify. The world's trading firms remain profitable,
Speaker 1: and their current financing challenges are largely their own doing.
Speaker 1: It's possible to imagine a scenario in which central banks
Speaker 1: have no choice but to intervene. For example, if a
Speaker 1: complete cutoff of Russian energy exports sent commodity prices skyrocketing.
Speaker 1: That time, fortunately has not come. This editorial was written
Speaker 1: by the Bloomberg Editorial Board. For more Bloomberg Opinion, please
Speaker 1: go to Bloomberg Dot com slash opinion or opie I
Speaker 1: end go on the Bloomberg terminal. This has been Bloomberg opinion,
Speaker 1: and you can hear Bloomberg opinion commentaries every weekday At
Speaker 1: this time. Terminal customers can read more at O P
Speaker 1: I N goal SMP futures down thirty eight points, Stowle
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Speaker 1: eight points. This is Bloomberg Bloomberg eleven three oh weather
Speaker 1: partly sunny today with highs in the low sixties, A
Speaker 1: few showers possible tomorrow behind Your sixty five will be
Speaker 1: in the upper fifties, turning partly sunny by Wednesday. Right
Speaker 1: now seven in Central Park markets, headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot com, the
Speaker 1: Bloomberg Business at and at Bloomberg Tricktape. This is a
Speaker 1: Bloomberg Business flash and I'm Karin. Moscow stops and commodities
Speaker 1: tumbling as China's worsening COVID outbreak compounds fear sparked by
Speaker 1: faster to reserve tightening bonds are rising. You check the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg
Speaker 1: guess and p Future is down thirty one points and
Speaker 1: down Future is down two d forty two and as
Speaker 1: deck futures down seventy five. The decks in Germany has
Speaker 1: done one point four percent. The ten year treasury of
Speaker 1: eighteen thirty seconds held two point eight two percent yield
Speaker 1: on the two year two point six zero percent. Nimex
Speaker 1: screwed oil is down four point three percent on four
Speaker 1: dollars forty two cents at ninety seven dollars sixty eight
Speaker 1: cents of barrel. Comex's gold is down nine ten percent
Speaker 1: or sixteen dollars eighty cents at nineteen seventeen fifty announced
Speaker 1: the euro one point oh seven four two against the dollar,
Speaker 1: British found one point to seven three eight and again
Speaker 1: at one twenty eight point one seven. Bitcoin this morning
Speaker 1: lower down two point four percent at thirty eight thousand,
Speaker 1: five hundred eighty dollars. That's a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Michael, thank you very much, Cameron. After a
Speaker 1: secrecy shrouded visit to Kiev, US Secretary of State Anthony
Speaker 1: Lincoln said Rush is failing in its war and Aimes
Speaker 1: Ukraine is succeeding. The trip by b Lincoln and Defense
Speaker 1: Secretary Lloyd Austin was the highest level American visit to
Speaker 1: the Capitol since Russia invaded. In late February, crews are
Speaker 1: fighting a fast moving wildfire in New Mexico. Firefighters in
Speaker 1: Colfax County near Las Vegas are battling the Cook's Peak fire.
Speaker 1: The flames have expanded to more than forty eight thousand acres.
Speaker 1: In MLB, the Yankees and Mets one. The Red Sox
Speaker 1: in Orioles lost. The Giants beat the Nationals twelve three,
Speaker 1: the A's one. In the NBA Playoffs, it is do
Speaker 1: or die tonight for the Nets. They have to beat
Speaker 1: the Celtics and game four of their series to avoid
Speaker 1: being eliminated. The Warriors lost to the Duggets. Golden State
Speaker 1: still has the three games to one lead in that series.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven under
Speaker 1: journalists analysts more than a hundred twenty countries. Michael Barr
Speaker 1: and this is Bloomberg, Nathan. Thanks Michael. It's five for none.
Speaker 1: On Wall Street life from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak with a focus on politics overseas
Speaker 1: this morning, because French President Emmanuel mccron is heading for
Speaker 1: a second term after defeating nationalist leader Marine Lapin in
Speaker 1: yesterday's runoff. Now mccron gets another five years to convince
Speaker 1: French voters his pro business, pro Europe vision will work
Speaker 1: for them. Let's get more Now joining us live from Paris,
Speaker 1: Bloomberg's Caroline Kna Carolyn, good to have you with us
Speaker 1: this morning. I look at the results, mccron beat Lapin
Speaker 1: by a seventeen point margin. To this American's eyes, that
Speaker 1: looks like a landslide. But we got kind of a
Speaker 1: somber victory speech from mccron last night. What's the takeaway?
Speaker 1: There was a huge relief on the Gendre mouse at
Speaker 1: the feet of the Ifel Tower last night, where emmanuelma
Speaker 1: considerbrated his victory for the second mondate for a number
Speaker 1: five years. But clearly it was not the same landslide
Speaker 1: victory that we had back in twenty seventeen, a the
Speaker 1: time he had one with sixty six percent of the
Speaker 1: votes against that same national rally leader mar In Lepan.
Speaker 1: Last night he only won with fifty eight percent of
Speaker 1: the vote, so clearly the margin was not as wide,
Speaker 1: meaning that there is a large proportion of the French
Speaker 1: who felt left behind, who felt like he hasn't really
Speaker 1: dealt with their daily issues when it comes, for example,
Speaker 1: to energy inflation, the issue of the cost of living,
Speaker 1: or even their concerns about immigration or Europe. So clearly
Speaker 1: this is something that Emriel mcin will have to address
Speaker 1: in his next month date. And there is a sense
Speaker 1: of responsibility here because last night he said, I will
Speaker 1: address all the French, including those who voted for me
Speaker 1: only to block mary In Lepan, and including those who
Speaker 1: are voted for the extreme. I am accountable for what happened,
Speaker 1: because he knows that he will be held accountable if
Speaker 1: an anti establishment, far left or far right candidates gets
Speaker 1: to parent next time. And it sounds, Carolina as though
Speaker 1: that sort of sets up where the next round of
Speaker 1: voting is going to happen in just a couple of
Speaker 1: months here with parliamentary elections. How is now President McCraw
Speaker 1: setting the stakes for the parliamentary vote that's coming up
Speaker 1: just in a few weeks here, This is what everybody
Speaker 1: calls the third round of these presidential elections, meaning the
Speaker 1: parliamentary elections happening mid June in France, because even though
Speaker 1: mccon got a clear majority last time around five years ago,
Speaker 1: it may be more difficult this time. Is a party
Speaker 1: Republic on the Move has performed poorly in previous local
Speaker 1: cities and regional elections over the past couple of years,
Speaker 1: and clearly those who voted against him in this presidential
Speaker 1: election from the far right of the far left will
Speaker 1: clearly try and get a majority in order to prevent
Speaker 1: Emmanuel mccon from really doing the policies he wants to
Speaker 1: implement over these next five years. For example, Jean Luc
Speaker 1: Milan Chean, this Hall Left candidate who came third in
Speaker 1: the first round with about twenty two percent of the
Speaker 1: French votes, actually said last night the third run starts tonight.
Speaker 1: He called the French to vote for him in order
Speaker 1: to get a majority in parliament, because if that happens,
Speaker 1: that means Emmanuel McCain will be forced to choose a
Speaker 1: prime minister which is different from his party, and that
Speaker 1: will actually make it very difficult for him to really govern.
Speaker 1: So the politics continue in France. Thanks for this caroling.
Speaker 1: Good having you on with us. Carolyn ConA Bloomberg Paris correspondent,
Speaker 1: joining us from Paris this morning, Claren, Hey, Nathan, thank you.
Speaker 1: It is five at sifty three on One Street. Times
Speaker 1: to the Bloomberg Law Report, brought to you by American
Speaker 1: Arbitration Association. Business Disputes or Inevitable overs fans with the
Speaker 1: American Arbitrary Ration Association, the global leader in alternative dispute
Speaker 1: resolution for over ninety years. More at a dr dot org. Now,
Speaker 1: let's get to the legal stories we're watching this morning.
Speaker 1: From Bloomberg's Jeff Bellinger. A federal appeals court in New
Speaker 1: Orleans upheld President Biden's firing of the top lawyer at
Speaker 1: the National Labor Relations Board. Many tobacco free nicotine products
Speaker 1: could linger in stores beyond the summer deadline. The Food
Speaker 1: and Drug Administration was given the power to regulate the products,
Speaker 1: and it still has to come up with policies. A
Speaker 1: federal court challenge was filed after Florida Governor Rohn de
Speaker 1: Santis moved to block what he calls corporate wokeness, in
Speaker 1: which workers are taught they should feel guilty over their
Speaker 1: race or gender. Bloomberg Law everything you need, all on
Speaker 1: one legal research platform, including guidance analysis and Bloomberg market intelligence.
Speaker 1: Find out more at Bloomberg Law dot com. All right, Jeff,
Speaker 1: thank you, and another legal story we're watching. Many people
Speaker 1: can recite the Miranda warnings thanks to TV shows like
Speaker 1: Law and Order. Now the landmark Miranda decision is before
Speaker 1: the Supreme Court again. It's clear that Miranda bars coerced
Speaker 1: confessions from being used in court. But what's not clear
Speaker 1: is whether a police officer who fails to give Miranda
Speaker 1: warnings can be sued civilly for violating a suspect's constitutional rights.
Speaker 1: The justices will answer that question and for more. Bloomberg
Speaker 1: student Grosso speaks to Bloomberg Law reporter Jordan. Reuben Jordan
Speaker 1: explained the central question here. So the question here is
Speaker 1: whether the failure to give Miranda warnings can give rise
Speaker 1: to a federal civil rights lawsuit. Now, for such a
Speaker 1: lawsuit to go forward, there needs to have been a
Speaker 1: violation of a constitutional right, and so that's what raises
Speaker 1: the question is whether this Miranda right is a constitutional
Speaker 1: right or something else. And that's been a long simmering
Speaker 1: question and that was the focus of this argument. Miranda
Speaker 1: was subject to a lot of criticism in the eighties
Speaker 1: and nineties, and a decision Chief Justice ran Quist put
Speaker 1: that to rest, right, So that was really interesting that
Speaker 1: Dickerson case in two thousand. As you mentioned, ran Quists
Speaker 1: and other conservatives had long been critical of not just Miranda,
Speaker 1: but it was really a part of a series of
Speaker 1: these Warren Court era criminal procedure decisions, part of this
Speaker 1: so called criminal procedure revolution, and so these really became
Speaker 1: the opinions that were not liked on the conservative side.
Speaker 1: But in a two thousand case, Dickerson rank was actually
Speaker 1: wrote an opinion, a seven to opinion effectively upholding Miranda,
Speaker 1: when he obviously could have disagreed with it. And so
Speaker 1: really the question in this case now is what exactly
Speaker 1: did Dickerson mean? And some subsequent cases as well, And
Speaker 1: so it's not just the fact that Ranquist didn't overturn Miranda,
Speaker 1: but what exactly was he doing there? And so that's
Speaker 1: really where a lot of this case is going to
Speaker 1: be decided and how did the justices interpret ran quist decision.
Speaker 1: It was pointed out by some of the more conservative
Speaker 1: justices that Rernquist was careful with his words and didn't
Speaker 1: exactly refer to miranda as a constitutional right. He referred
Speaker 1: to it having constitutional underpinning, sort of a constitutional essence
Speaker 1: to it, if you will, but specifically not saying constitutional right.
Speaker 1: And that distinction could wind up being very important in
Speaker 1: this case, because remember, the question is is miranda a
Speaker 1: constitutional right that can give rise to such a federal
Speaker 1: civil rights suit like the one that Mr Tico is
Speaker 1: trying to bring here. And the Chief who clerk for
Speaker 1: Renquist was one of those justices saying that he was
Speaker 1: very careful with his language. Did you get a feel
Speaker 1: for how many of the justices might decide that miranda
Speaker 1: does not provide a constitutional right? So I think that
Speaker 1: it was fair to say that some comments from Avanaugh
Speaker 1: and Barrett were also along the lines of the Chief Justice,
Speaker 1: and as Bloomberg Law reporter Jordan Jordan Rubens because Bloomberg's
Speaker 1: do Grosso catch more of that interview plus analysis of
Speaker 1: the latest legal news by subscribing to the Bloomberg Law
Speaker 1: Podcast or downloading this show at Bloomberg dot com slash podcast.
Speaker 1: Attorneys can find exceptional legal research and business development tools
Speaker 1: at Bloomberg law dot com and on the Bloomberg terminal
Speaker 1: at b law go and again futures are moving lower
Speaker 1: this morning. S and P futures are down thirty five
Speaker 1: points down, futures down two under at sixty five NASDAG
Speaker 1: futures down nineties six ten. Your treasury up eighteen thirty seconds.
Speaker 1: The yield is at two point eight two percent. Yield
Speaker 1: on the two year two point six zero percent. Nim
Speaker 1: X screwd Oyle falling down four point three percent on
Speaker 1: four dollars forty one cents at ninety seven dollars sixty
Speaker 1: seven cents of barrel and still a haad on Bloomberg
Speaker 1: day break and check on the business headlines and all
Speaker 1: the news you need to start your day. This is
Speaker 1: Bloomberg