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Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg

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Speaker 1: day Break for Thursday May twelve two. Coming up this hour,

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Speaker 1: the Wall Street sell off spreads overseas Global team coverage

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Speaker 1: straight ahead. Cryptocurrency has resumed declines as Bitcoin nearest twenty

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Speaker 1: five thousand investors await another reading on inflation, and Disney

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Speaker 1: shares drop on the company's growth. Albook. Cover to Murphy

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Speaker 1: seeks to require New Jersey insurers to cover abortion costs.

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Speaker 1: Plus reaction for the US send its vote to block

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Speaker 1: abortion rights. I'm Michael bar More Ahead, I'm down stage

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Speaker 1: and sports. The Rangers survived. They beat the Penguins to

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Speaker 1: force the Game six in Pittsburgh. The Mets lost another

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Speaker 1: win for the Yankees. That's All's train ahead on Bloomberg

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Speaker 1: Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington,

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Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine

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Speaker 1: sixties and Francisco Sirius x M one nine team and

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Speaker 1: around the world. Old on Bloomberg Radio dot Com and

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Speaker 1: via the Bloomberg Business app. And Good Thursday Morning. I'm

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Speaker 1: Karen Moscow. I'm Nathan Hagar. Bloomberg Daybreak is brought to

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Speaker 1: you by B and Y Melon's Pershing Learned Why the

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Speaker 1: world's most sophisticated wealth management and institutional firms rely on

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Speaker 1: Pershing to help them improve profitability, create efficiency, attract talent,

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Speaker 1: and manage risk at pershing dot com. Well US futures

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Speaker 1: are extending yesterday sell off at six oh one on

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Speaker 1: Wall Street, and we check the markets every fifteen minutes

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Speaker 1: throughout the trading day. On Bloomberg. SNP futures down thirty

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Speaker 1: points this morning, DAL futures down two hundred and Nasdaq

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Speaker 1: futures are down one hundred thirty six. That's down one

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Speaker 1: point one percent. Ten year Treasury of twenty thirty seconds

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Speaker 1: yield two point one percent, and the yield on the

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Speaker 1: two years two point five six percent. Nathan Karen, it's

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Speaker 1: inflation worries that have US stock starting this session at

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Speaker 1: their lowest level since March of last year. The hotter

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Speaker 1: than expected print we got from consumer prices yesterday's sparking

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Speaker 1: years that the Federal Reserve may unleash further tightening and

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Speaker 1: tip the economy into recession. Michael Darta is Chief Economists

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Speaker 1: and macro strategist at m CAM Partners. That's still a

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Speaker 1: major problem for this bond market, a major problem for

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Speaker 1: this federal reserve, and as we're seeing a major problem

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Speaker 1: for the valuations that support the S and P five hundred.

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Speaker 1: Michael Darta and m CAM Partner says the Fed missed

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Speaker 1: the boat on inflation. The tech heavy NASDAC humbled more

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Speaker 1: than three percent yesterday. It has now lost more than

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Speaker 1: a quarter of its value this year. Austin Graf, as

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Speaker 1: a portfolio manager at Truemark Investments, you're seeing a continuation

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Speaker 1: of kind of what we've seen throughout the entire year

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Speaker 1: so far, where you're seeing some of the high flyers

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Speaker 1: the last few years and the growth names training off

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Speaker 1: the Speaking of of high flyers, Austin Graff at Truemark says,

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Speaker 1: Apple is down about from its recent high. In fact,

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Speaker 1: the iPhone makers now second to Saudi a Ramco as

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Speaker 1: the world's most valuable company. Well, Nathan, yesterday, sell office

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Speaker 1: spreading overseas and you begin our global team coverage now

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Speaker 1: with the Bloomberg's You and Parts in London. Good morning You,

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Speaker 1: and good morning Karen and Nathan. Plenty of red on

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Speaker 1: traders bloom Bow screens this morning in Europe, investors taking

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Speaker 1: fright at that stubborn US inflation. The stocks is hundred

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Speaker 1: down two point one. Mining stocks the worst performing sector,

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Speaker 1: down more than four percent, but real estate and carmakers

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Speaker 1: also near the bottom of the table. All twenty industry

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Speaker 1: groups lower this morning. As to the markets, the foots

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Speaker 1: are here in London, one of the worst performing down

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Speaker 1: two point three percent. Live in London. I'mun parts all

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Speaker 1: right you and thanks. We saw the same selling pressure

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Speaker 1: overnight in Asia. Let's continue our team coverage now. Bloomberg's

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Speaker 1: Juliette Sally joins us from Singapore. Good morning, Juliet, Good morning,

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Speaker 1: Nathan and Karen. The MSCI Asia Pacific Index fell to

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Speaker 1: June twenty twenty. Low's is new COVID cases in Shanghai

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Speaker 1: damp and prospects for reopening. Investors also appearing to be

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Speaker 1: unimpressed by Premier Leese comments urging officials to use fiscal

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Speaker 1: and monetary policies to stabilize employment and the economy. Hong

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Speaker 1: Kong shares came under pressure as the city and defened

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Speaker 1: defend its currency for the first time since twenty In Singapore,

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Speaker 1: Juliette Sale bloom Bag daybreak. All right, Juliette, thank you.

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Speaker 1: We're also seeing cryptocurrencies continue their sell off this morning,

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Speaker 1: and we get the latest on that Live with Bloomberg's

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Speaker 1: re need a Young in New York. Good morning, Renown,

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Speaker 1: Good morning, Karen. The crypto market has lost more than

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Speaker 1: two hundred billion dollars in wealth over the past twenty

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Speaker 1: four hours. Bitcoins trading at its lowest level since twenty twenty.

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Speaker 1: At one point this morning, it touched just over twenty

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Speaker 1: five thousand. Right now, it's trading at close to twenty

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Speaker 1: eight thousand. It's been falling in conjunction with the regular market,

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Speaker 1: but the collapse of the terra usd stable coin is

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Speaker 1: triggering a flight from many of the large digital tokens,

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Speaker 1: and backers of the coin are trying to raise about

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Speaker 1: one point five billion dollars to shore it up. Stable

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Speaker 1: Coins are key elements of the crypto markets. There were

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Speaker 1: traders park funds as they move in and out of

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Speaker 1: other tokens. The total total value of all stable coins

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Speaker 1: is beyond one hundred billion dollars. Live in New York.

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Speaker 1: I'm renned a Young. Bloomberg Daybreak, All right, Rena. Thanks,

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Speaker 1: Let's turn to corporate. He's on Wall Street now. We've

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Speaker 1: been watching shares of Disney this morning. The down more

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Speaker 1: than five percent in early trading after the company reported

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Speaker 1: subscriber gains for its flagship streaming service that beat estimates,

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Speaker 1: but it's also tempering its outlook for the year. We

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Speaker 1: get the details from Bloomberg's Charlie Pellett. Disney said it

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Speaker 1: will trim spending on movies and TV shows. On the

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Speaker 1: conference call, CEO Bob Jpeck said Disney is lowering its

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Speaker 1: projection for overall film and TV spending by one billion

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Speaker 1: dollars to thirty two billion this year. Disney did report

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Speaker 1: that on an expected growth in its flagship Disney Plus

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Speaker 1: screaming service, while saying half of Disney Plus subscribers are

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Speaker 1: adults without kids in New York. Charlie Pellett Bloomberg day Break.

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Speaker 1: All right, Charlie, thank you all. On the economic front today,

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Speaker 1: we'll get another key reading on inflation. The Producer Price

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Speaker 1: Index comes out at eight thirty am Wall Street time,

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Speaker 1: and we get a preview from bloomberg S Michael McKee.

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Speaker 1: Inflation isn't going away soon, but it may ease a

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Speaker 1: bit producer prices are forecast to have increased more slowly

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Speaker 1: in April, following a stronger than expected gained the previous month.

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Speaker 1: While food prices continued to accelerate, oil prices retreated in April.

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Speaker 1: Supply chain snarls could worsen amid China's COVID lockdowns, suggesting

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Speaker 1: wholesale inflation will be slow to recede. Coming after a

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Speaker 1: firm April CPI, the p p I is unlikely to

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Speaker 1: add much to market thinking about inflation or the Fed's

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Speaker 1: plans for raising rates. Michael McKee, Bloomberg Daybreak, Naren Mike Thanks.

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Speaker 1: As the Fed fights inflation, it's adding another new member

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Speaker 1: to its ranks. The Senates added a third nominee of

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Speaker 1: President Biden's to the FED Board. Lawmakers confirmed economist Philip

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Speaker 1: Jefferson as FED governor yesterday Today, Senate Democrats expect to

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Speaker 1: vote to confirm Jerome Powell to a second term as

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Speaker 1: FED chair. And in the markets this morning, Nathan worsening

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Speaker 1: the impact of the recent bonds sell off. Pimco saw

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Speaker 1: clients pull more than fourteen billion dollars from its fawn's

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Speaker 1: last quarter as investors fled fixed income securities amid rising

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Speaker 1: interest rates well, stocks are what investors are fleeing from

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Speaker 1: this morning. Karen right now is in p futures are

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Speaker 1: down twenty nine points down. Futures down eighty seven. NASDAC

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Speaker 1: futures are lower by a hundred thirty one points. The

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Speaker 1: tenure treasury is up twenty five thirty seconds now, the

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Speaker 1: yield two point eight two and the yield on the

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Speaker 1: two year almost two point five seven percent. Just had

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Speaker 1: your latest local headlines into check of sports. This is Bloomberg.

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Speaker 1: It's six o seven on Wall Street. Now, where's sixty

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Speaker 1: degrees in Central Park? On an accident on eastbound three.

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Speaker 1: It's on the on ramp to the Lincoln Tunnel. Details

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Speaker 1: coming up in traffic. First Michael Barr with what else

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Speaker 1: is going on in New York and around the world.

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Speaker 1: Good morning, Michael, Good morning Nathan. New Jersey Governor Phil

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Speaker 1: Murphy says he's back in legislation to protect and expand

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Speaker 1: abortion access in the state. Murphy says that includes a

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Speaker 1: requirement that insurers cover costs of the procedure. Abortion is healthcare,

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Speaker 1: and healthcare decisions should be left up to the individual.

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Speaker 1: Your body belongs to you. Governor Murphy made his comments

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Speaker 1: after a Laite opinion indicated the U. S. Supreme Court

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Speaker 1: will overturned the landmark Roe v. Wade decision. The High

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Speaker 1: Court will meet today. The Democratic leadership in the U. S.

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Speaker 1: Senate failed in its attempt to codify abortion rights into law.

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Speaker 1: Bloomberg's at Boxter reports the vote to move the bill

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Speaker 1: to the floor needed sixty eyes, it got forty nine.

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Speaker 1: Vice President Kamala Harris immediately made it a campaign issue,

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Speaker 1: and let's be clear, at the majority of the American

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Speaker 1: people believe in defending a woman's right, her choice to

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Speaker 1: decide what happens to her own body and send a

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Speaker 1: minority leader. Mitch McConnell, though says he doesn't understand the uproar.

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Speaker 1: Democrats are melting down because of Supreme Court may may

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Speaker 1: uphold of Mississippi law that would limit abortion after fifteen weeks.

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Speaker 1: The final Supreme Court opinion and ruling is due, most

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Speaker 1: probably in June. In San Francisco, I'm at Baxter Bloomberg

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Speaker 1: Gay Break Finished leaders have announced Finland must join NATO

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Speaker 1: without delay given Russia's invasion in Ukraine. Neighboring Sweden is

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Speaker 1: expected to decide on joining NATO in coming days. New

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Speaker 1: York City Mayor Eric Adams and the n y p

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Speaker 1: D want the federal government to provoke the business license

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Speaker 1: of a big gun manufacturer they blame for the increase

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Speaker 1: of ghost guns in the city. Adam says the company

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Speaker 1: Polymer eight, sells untraceable ready to assemble gun parts online.

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Speaker 1: It comes as crime is on the rise in New York.

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Speaker 1: Former New York Congressman Joe Crowley says the economic impact

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Speaker 1: of the pandemic is partly to blame. I think this

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Speaker 1: is all related in many respects to what's happened in

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Speaker 1: terms of coming out of this virus that you know,

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Speaker 1: the code by TV impact that has had on the

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Speaker 1: overall economy. Former Democratic Congressman Joe Crowley spoke on Bloomberg's

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Speaker 1: Balance of Power with David weston South Korea. Says North

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Speaker 1: Korea fire to ballistic missile off its eastern coast. The

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Speaker 1: missile was launched last night towards the sea. Global News

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Speaker 1: twenty four hours a day on air and on Bloomberg

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Speaker 1: Quick Take, powered by more than hundred journalists and analysts

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Speaker 1: more than a hundred twenty countries, and Michael bar this

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Speaker 1: is Bloomberg Naked. Thank you Michael six O nine on

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Speaker 1: Wall Street time for the Bloomberg Sports Update with John

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Speaker 1: Stanshall Dathan. The Rangers, had they lost last night, would

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Speaker 1: have been playing golf today. Instead, they're traveling back to

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Speaker 1: Pittsburgh for Game six tomorrow. At the Guard, they trailed

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Speaker 1: the Penguins to nothing late second period. They came alive

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Speaker 1: the house at the right, Quart saw traps, Carter tru again,

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Speaker 1: Trump back at Scars three two Rangers ESPN three Ranger

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Speaker 1: goals in two minutes forty two seconds, but thirteen seconds

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Speaker 1: after the Rangers took the lead, the Penguins tied it

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Speaker 1: on Jake Densel's second goal the night, seventh of the series.

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Speaker 1: So Game five was tied. Walst ball the puck down

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Speaker 1: comes the Heatler shoot starts well of title gives the

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Speaker 1: Rangers the lead with a power play goal early at

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Speaker 1: Bury at three empty at the end, the Rangers won

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Speaker 1: five three, but can they went in Pittsburgh where they

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Speaker 1: just lost seven four and seven to Will. The Penguins

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Speaker 1: have Sydney Crosby. He left last night with an injury.

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Speaker 1: Florida was down three nothing. He came back to be Washington.

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Speaker 1: Calgary beat Dallas. They're both up three two. NBA Milwaukee

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Speaker 1: came from fourteen down on the fourth quarter to win.

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Speaker 1: In Boston. Memphis beat Golden State by thirty nine. The

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Speaker 1: Bucks and Warriors have the three too series leads at

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Speaker 1: the stadium. Another win for the red Hot Yankees made

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Speaker 1: it fifteen or last seventeen beat Toronto five to three.

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Speaker 1: Labor Tours driven all five. That's at a three nothing

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Speaker 1: first inning lead in Washington Peter Alonso Homer, but the

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Speaker 1: Nashals with five and the bottom of the first and

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Speaker 1: three more in the second. No more scoring after that,

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Speaker 1: and then that's one eight to three. Tyler McGill got

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Speaker 1: only four outs. He gave up eight runs on eight hits.

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Speaker 1: John Stash Thatward Bloomberg Sports, Nathan all Right, John thanks

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Speaker 1: SMP futures are given up twenty six points right now.

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Speaker 1: DALN future is down a hundred sixty four. Nastack futures

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Speaker 1: are lowered by a hundred twenty two points, leading to

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Speaker 1: declines by one percent on the Nastack futures. The tenure

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Speaker 1: treasury is now up twenty four thirty seconds yield two

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Speaker 1: point eight to per cent more on the market. Sell

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Speaker 1: off next will be making with Michael Howson of CMC Markets.

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Speaker 1: is a Bloomberg Business Flash and I'm Cameron Moscow Global

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Speaker 1: stocks and you want to stock index futures are falling

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Speaker 1: this morning as stubborn inflation in the world's biggest economy

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Speaker 1: asked the case for more aggressive monetary timing by the FED.

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Speaker 1: If you check the markets every fifteen minutes throughout the

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Speaker 1: trading day on Bloomberg right now, is in Key futures

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Speaker 1: down twenty nine points to Dow futures down what every

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Speaker 1: nastagg futures down on the decks in Germany's down two

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Speaker 1: point four percent, ten year treasury up twenty five thirty seconds,

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Speaker 1: the yield at two point eight two percent. They yield

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Speaker 1: on the two year two point five seven percent, Nimex

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Speaker 1: screwed oil down one and a half percent, down a

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Speaker 1: dollar fifty seven at a hundred four dollars, eighteen cents

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Speaker 1: of Barrel Comic School down a quarter percent or four

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Speaker 1: dollars ninety cents at eighteen eighty announced the euro one

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Speaker 1: point oh four three six against the dollar, British round

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Speaker 1: one point to two oh six, and they yet at

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Speaker 1: one twenty eight point seven seven and bitcoins falling down

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Speaker 1: almost three and a half percent at twenty seven thousand,

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Speaker 1: four hundred dollars. That's a Bloomberg business flashdown. Here's Muchael

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Speaker 1: Barre with more on what's going on around the world.

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Speaker 1: Muchael Karen, thank you very much. Ukraine's military says Russian

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Speaker 1: forces are continuing air strikes on the Steel plan in

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Speaker 1: Merry Yupol. It comes on day seventy eight of the ward.

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Speaker 1: Finland's president and prime ministers say that vary in favor

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Speaker 1: of applying for NATO membership. Neighboring Sweden is expected to

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Speaker 1: decide on joining NATO in the coming days. In the

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Speaker 1: NHL playoffs, Rangers stay alive after beating the Penguin in

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Speaker 1: Game five. The Capitols lost to the path there's the

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Speaker 1: fall behind in that series three games to two NBA Playoffs,

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Speaker 1: the Celtics lost to the Bucks and are now on

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Speaker 1: the brink of elimination. The Warriors lost to the grizzly

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Speaker 1: Golden State still leads that series three two. In baseball,

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Speaker 1: Yankees one, Mets lost to the Nationals, Red Sox and

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Speaker 1: Orioles lost the Giants. And A's one Global News twenty

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Speaker 1: four hours a day on air and on Bloomberg Quicktanch,

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Speaker 1: powered by more than twenty seven hundred journalists analysts more

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Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg, Nathan, Okay, Michael,

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Speaker 1: Thanks six nineteen now on Wall Street Life from the

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Speaker 1: Bloomberg Intractive Broker Studios. This is Bloomberg Daybreak. Want to

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Speaker 1: go now right to Michael Houston, chief market analyst at

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Speaker 1: CMC Markets. As we watched the sell off continuing equities, Michael,

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Speaker 1: it seems like markets find further ways to move lower.

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Speaker 1: How much further do you think this could run? Yeah?

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Speaker 1: Lost last week. I think you asked me the question, um,

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Speaker 1: are we in a bad market? And I saw on

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Speaker 1: the fence a little bit. I said, you know, if

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Speaker 1: we break four thousand, one hundred on the SMP and

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Speaker 1: and around about twelve thousand, nine hundred on the Nasdack.

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Speaker 1: Then yeah, absolutely, I think we would be, and I

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Speaker 1: think we do have significantly further to run. I think

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Speaker 1: the market reaction to those breaks that I highlighted last

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Speaker 1: week suggests that we can see three thousand, eight hundred

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Speaker 1: on the SMP initially on the move to three and

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Speaker 1: a half thousand, and eleven thousand, seven hundred on the

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Speaker 1: Nasdack on the way to potentially ten and a half

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Speaker 1: thousand over the course of the next few weeks and months.

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Speaker 1: Now we're not too far from either of those levels

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Speaker 1: now at the SMP closing at five yesterday, do you

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Speaker 1: see this market move as overdone? Is it the right

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Speaker 1: reaction to what could come from the Federal Reserve? I

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Speaker 1: think it is. I think if you look at it

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Speaker 1: in the context of the growth outlook. We got GDP

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Speaker 1: numbers out of the UK this morning. We saw a

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Speaker 1: march in traction, which means the UK economy has only

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Speaker 1: really expanded in January this year, with inflation repressure is

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Speaker 1: expected to grow over the course of the rest of

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Speaker 1: the year. You've got a cost of living crisis. Certainly,

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Speaker 1: those CPI numbers yesterday that we saw from the US

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Speaker 1: suggests that the U. S consumer is starting to or

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Speaker 1: is going to start feeling the pressure. Certainly, the consumer

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Speaker 1: credit numbers out of the US over the past two

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Speaker 1: months worry me immensely. We've been We've seen massive growth there,

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Speaker 1: and I would argue that the excess savings that the U. S.

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Speaker 1: Consumer had over the course of the past twelve months

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Speaker 1: has gone because why would you borrow on a credit

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Speaker 1: card when rates are going up? Because your repayments are

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Speaker 1: going to be inordinately expensive. So I think a big

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Speaker 1: test next week will be US retail sales for April,

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Speaker 1: but also the numbers from Walmart and Target. What will

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Speaker 1: they tell us about the U. S. Conshumor, well, what

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Speaker 1: kind of test do you think we could see from

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Speaker 1: producer prices later this morning? Are you looking for further

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Speaker 1: signs of stickiness and inflation on the producer side? I

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Speaker 1: am simply because I think we saw a bigger than

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Speaker 1: expected rise in the numbers for March. They went up

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Speaker 1: to eleven. They went up to eleven. Now we are

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Speaker 1: expecting a small moderation to ten point seven. But I

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Speaker 1: don't think it's going to be as big a moderation

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Speaker 1: as perhaps markets pricing in look at prices play components

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Speaker 1: on the I s M. They actually spiked up in April,

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Speaker 1: so why would we expect a decline or a significant decline?

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Speaker 1: And producer prices and they generally tend to be fairly

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Speaker 1: decent forward looking indicators. So I think there is a

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Speaker 1: concern about stagflation going forward. And you can look at

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Speaker 1: the US labor market and say, well, yes, there are

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Speaker 1: significant amount of vacancies. I'll be interested to see how

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Speaker 1: quickly those eleven million vacancies disappear as the economy continues

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Speaker 1: to slow. If we can do need to see financial

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Speaker 1: conditions taking like they are right now. What does that

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Speaker 1: mean for the FED? I think it makes it very

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Speaker 1: very difficult for them. I mean they can be at

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Speaker 1: the moment they seem very very focused on getting inflation

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Speaker 1: under control, and I don't think they've seen that bothered

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Speaker 1: about causing a recession because potentially, I think they see

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Speaker 1: the alternatives as far worse. Um So, the U s

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Speaker 1: economy is in much better shapes, and say, for example,

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Speaker 1: the economy here in the UK or Europe. But I

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Speaker 1: think Ultimately they are going to have to force a

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Speaker 1: significant slowdown in order to get inflation under control. The

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Speaker 1: bigger question is whether that's the price they're willing to pay.

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Speaker 1: So in our last thirty seconds here, Michael, or do

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Speaker 1: you expect that the US reaches a recession this year? Uh?

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Speaker 1: Putting me on the spot. Timing is always very very difficult.

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Speaker 1: I think it's very very difficult. I mean, obviously we've

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Speaker 1: seen a first quarter contraction. I'll be prebady surprised if

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Speaker 1: we see a significant pickup in Q two, but who knows,

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Speaker 1: we could well see one towards the end of the

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Speaker 1: mightbe Q full beginning of Q one. Al right, well,

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Speaker 1: as as always, Michael, good to get your thoughts. Thanks

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Speaker 1: for this. Michael Houston is a Chief market analyst at

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Speaker 1: CMC Markets. As we watch equity markets fall, SMP futures

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Speaker 1: right now down twenty eight points, STAFF futures down a

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Speaker 1: hundred eighty five NASDAC futures down a hundred thirty two points,

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Speaker 1: a drop of one point one percent. Even more bleeding

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Speaker 1: in Europe, with the decks in Germany down to in

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Speaker 1: a third percent, to cat in Paris down two point

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Speaker 1: seven percent. The tenure Treasury right now up twenty three

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Speaker 1: thirty seconds, the yield just shy of two point three

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Speaker 1: percent yield on the two year two point five eight,

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Speaker 1: and the thirty year yield below three percent at two

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Speaker 1: point nine six almost two point nine seven on the

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Speaker 1: long term. Note just to head more on the market

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Speaker 1: sell off and Disney's dim outlook. Five things you need

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Speaker 1: to notice start the day next. I'm Bloomberg day Break,

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Speaker 1: Bloomberg eleven three oh weather, partly sunny, low seventies today,

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Speaker 1: Scattered showers possible tomorrow with a high in year seventy,

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Speaker 1: and we bring the showers back possibly on Saturday as well,

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Speaker 1: with highest and the low seventies currently sixty in Central Park.

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Speaker 1: Broadcasting live from the Bloomberg Interacted Broker Studio in New York.

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Speaker 1: Bloomberg Eloving Freo to Washington, d C, Bloomberg one to Boston,

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Speaker 1: teen and around the globe the Bloomberg Business app in

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Speaker 1: Bloomberg Radio dot com. This is Bloomberg Daybreak in a

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Speaker 1: six thirty on Wall Street Good morning. I'm Nathan Hagar

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Speaker 1: and I'm kerin Moscow. We're just about three hours away

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Speaker 1: from the open of US trading. Time to the five

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Speaker 1: things you need to notice start your day. Brought to

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Speaker 1: you I I b KR Investment Advisers switched to Interactive

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Speaker 1: ib k R dot com slash r I A first,

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Speaker 1: Yesterday's hot inflation reading is sending markets downward. Stocks begin

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Speaker 1: the session at their lowest level since March of one.

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Speaker 1: Former New York Fed Governor Bill Dudley says Fetchier J.

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Speaker 1: Powell may have to tighten monetary policy more than he's

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Speaker 1: planning to. I think he's four to five or higher. Um,

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Speaker 1: you know I was three or four maybe six months ago.

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Speaker 1: From four to five shocked me if I'm you know,

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Speaker 1: five to six a few months from now. Former New

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Speaker 1: York Fed Governor Bill Dudley said the Federal Reserve must

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Speaker 1: forcefully state how it will hate its inflation target. We'll

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Speaker 1: get another key reading on inflation this morning when the

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Speaker 1: Preucer Price Index is released. You were watching markets in

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Speaker 1: Europe and Asia fall as well. Care in European stocks

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Speaker 1: are poised for their fifth straight week of declines, and

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Speaker 1: crypto assets also tumbling. Here, Nathan Bloomberg's or Nita Young

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Speaker 1: joins US Live with more. Good morning, Renida, Good morning Karen.

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Speaker 1: The crypto market has lost more than two hundred billion

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Speaker 1: dollars in wealth over the past twenty four hours. Bitcoins

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Speaker 1: trading at its lowest level since twenty At one point

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Speaker 1: this morning, it touched just over twenty five thousand. Now

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Speaker 1: it's close to twenty eight thousand. It's falling in conjunction

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Speaker 1: with the regular market, but the collapse of the terror

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Speaker 1: U s D stable coin is triggering a flight from

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Speaker 1: many of the large digital tokens. Backers of the coin

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Speaker 1: are trying to raise about one point five billion dollars

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Speaker 1: to shore up the token. And stable coins are key

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Speaker 1: elements of the crypto market. It's where traders park funds

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Speaker 1: as they move in and out of other tokens. Live

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Speaker 1: in New York. I'm Nida Young Bloomberg. Daybreak, Okay, Renita.

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Speaker 1: Thanks training to corporate earnings, Disney shares are down about

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Speaker 1: five percent in early trading after a temperate its outlook.

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Speaker 1: Gerber Kawasanki, CEO Ross Gerber, thanks strong subscriber growth in

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Speaker 1: the streaming service reflects overall positive signs for Disney. Disney

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Speaker 1: had very good results for their streaming businesses and and

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Speaker 1: much better than we expected because obviously we thought they

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Speaker 1: had a tough comparison to the COVID era and you know,

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Speaker 1: quite frankly, all their businesses are starting to improve now.

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Speaker 1: Gerbert Kawasaki, CEO Ros Gerber spoke with Emily Chang on

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Speaker 1: Bloomberg Technology, which Hair's weekdays at five pm Eastern on

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Speaker 1: Bloomberg Television. And in Washington, Nathan the SEC is reportedly

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Speaker 1: probing whether Elon Musk broke rules when he just flows

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Speaker 1: a large steak and Twitter Musk is also facing FDC

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Speaker 1: inquiries over taking Twitter private. And that's the five things

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Speaker 1: you need to notice start your day, brought to you

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00:23:27,280 --> 00:23:31,240
Speaker 1: by Interactive Brokers, straight Ahead, your latest local headlines, plus

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Speaker 1: the check of sports. And this is Bloomberg. Thanks Karen

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Speaker 1: six thirty three on Wall Street, sixty one degrees in

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Speaker 1: Central Park, still watching the accident eastbound three on the

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Speaker 1: off ramp to UH Route Corner, A five on ramp

430
00:23:45,920 --> 00:23:49,080
Speaker 1: actually we'll get the details in traffic. Michael Bars here

431
00:23:49,080 --> 00:23:50,680
Speaker 1: with Morrow. What's going on in New York and around

432
00:23:50,680 --> 00:23:53,240
Speaker 1: the world. Good morning, Michael, Good morning Nathan. New Jersey

433
00:23:53,320 --> 00:23:56,920
Speaker 1: Governor Phil Murphy is taking additional steps to protect abortion rights.

434
00:23:57,280 --> 00:24:01,400
Speaker 1: The Democratic governor wants his state to make Midweis advanced practice,

435
00:24:01,520 --> 00:24:05,959
Speaker 1: nurses and physician assistants cleared to provide abortions. We remained

436
00:24:06,000 --> 00:24:10,119
Speaker 1: steadfast in our commitment to ensuring that all New Jerseyans

437
00:24:10,600 --> 00:24:16,120
Speaker 1: have access to reproductive healthcare, including abortion, and we stand

438
00:24:16,200 --> 00:24:20,280
Speaker 1: with women across the nation who are facing inevitable hardships

439
00:24:20,960 --> 00:24:24,600
Speaker 1: on the horizon. Governor Murphy also wants in state insurance

440
00:24:24,640 --> 00:24:28,680
Speaker 1: companies to cover abortions. Senate Republicans, along with the Democratic

441
00:24:28,760 --> 00:24:31,600
Speaker 1: Senator Joe Manin, have blocked a build a turn abortion

442
00:24:31,760 --> 00:24:35,080
Speaker 1: rights in the federal law. This as Supreme Court justices

443
00:24:35,119 --> 00:24:37,600
Speaker 1: are set to meet today for the first time since

444
00:24:37,640 --> 00:24:40,240
Speaker 1: a draft opinion that would overturn Roe v. Wade was

445
00:24:40,359 --> 00:24:43,920
Speaker 1: leaked to the media. Finish leaders have announced Finland must

446
00:24:44,040 --> 00:24:49,040
Speaker 1: join NATO without delay given Russia's invasion in Ukraine. Finland's

447
00:24:49,040 --> 00:24:53,200
Speaker 1: Foreign Minister Panca Havisto addressed the EU Committee on foreign

448
00:24:53,200 --> 00:24:57,400
Speaker 1: affairs and Brussels this morning and its must be held

449
00:24:57,400 --> 00:25:01,520
Speaker 1: accountable for the consequencies and effects of the illegal war

450
00:25:01,720 --> 00:25:04,840
Speaker 1: of a Christian. Foreign minister of Visto says a few

451
00:25:04,920 --> 00:25:09,440
Speaker 1: months have changed everything. Mandatory evacuations are underway in parts

452
00:25:09,480 --> 00:25:12,840
Speaker 1: of Orange County, southern California, as a wind driven wildfire

453
00:25:12,960 --> 00:25:16,160
Speaker 1: moves through the so called Coastal Fire is destroyed nearly

454
00:25:16,200 --> 00:25:19,359
Speaker 1: two dozen homes. South Korea says North Korea fired a

455
00:25:19,400 --> 00:25:23,240
Speaker 1: ballistic missile last night towards the sea of its east coast. Meanwhile,

456
00:25:23,320 --> 00:25:26,800
Speaker 1: in a rare admission, North Korea imposed a nationwide lockdown

457
00:25:26,920 --> 00:25:31,200
Speaker 1: today to control its first acknowledged COVID nineteen outbreak. The

458
00:25:31,280 --> 00:25:33,880
Speaker 1: country has a poor healthcare system. In its twenty six

459
00:25:33,960 --> 00:25:38,000
Speaker 1: million people are believed to be mostly unvaccinated. Pro tip

460
00:25:38,280 --> 00:25:41,240
Speaker 1: if you're going to see Broadway star Patty Lapone, where

461
00:25:41,320 --> 00:25:49,560
Speaker 1: you're mask in the theater. The company's star called out

462
00:25:49,640 --> 00:25:52,280
Speaker 1: an uncovered audience member during a Q and A panel

463
00:25:52,359 --> 00:25:55,919
Speaker 1: at New York's American Theater. Wing Lapone then used an

464
00:25:56,000 --> 00:25:58,240
Speaker 1: expletive to tell the offender what they could do if

465
00:25:58,280 --> 00:26:02,480
Speaker 1: they didn't follow the rule. Dear Lapone, who is seventy three.

466
00:26:02,600 --> 00:26:05,640
Speaker 1: She tested positive for COVID in late February. Remember that, Yeah,

467
00:26:05,720 --> 00:26:07,800
Speaker 1: Global News twenty four hours a day on air and

468
00:26:07,960 --> 00:26:11,440
Speaker 1: on Bloomberg Quick Take, powered by more than journalists analysts,

469
00:26:11,440 --> 00:26:14,440
Speaker 1: more than a hundred twenty countries. Michael Barr, this is Bloomberg. Yeah,

470
00:26:14,480 --> 00:26:16,440
Speaker 1: I know, Michael. That was about all that you could

471
00:26:16,480 --> 00:26:19,080
Speaker 1: play from that clip on the radio. So thank you

472
00:26:19,200 --> 00:26:26,400
Speaker 1: for that. Alright, six thirty six on Wall Street, time

473
00:26:26,440 --> 00:26:29,560
Speaker 1: to check Bloomberg Sports that John Stesshops and the Rangers

474
00:26:29,640 --> 00:26:32,320
Speaker 1: facing elimination, trailing the Penguins three games to one, and

475
00:26:32,400 --> 00:26:34,399
Speaker 1: trail in Game five of the Garden to nothing. But

476
00:26:34,520 --> 00:26:38,000
Speaker 1: after no goals in thirty five minutes, three goals in

477
00:26:38,200 --> 00:26:41,359
Speaker 1: two minutes and forty two seconds Adam Fox, Alexis La

478
00:26:41,440 --> 00:26:44,359
Speaker 1: Frontier Jacob Truba, then third period of range of power

479
00:26:44,400 --> 00:26:47,159
Speaker 1: play in the first playoff goal for Philiphito Rangers with

480
00:26:47,160 --> 00:26:49,040
Speaker 1: an empty net at the end, they beat the Penguins

481
00:26:49,080 --> 00:26:50,880
Speaker 1: five to three, and they still trailed the series three

482
00:26:50,920 --> 00:26:52,800
Speaker 1: to two. The Ranger concern is whether they can now

483
00:26:52,840 --> 00:26:56,680
Speaker 1: win in Pittsburgh in six tomorrow. The Penguins concern is

484
00:26:56,720 --> 00:26:59,400
Speaker 1: an injury suffered the last night to Sydney Crosby Florida

485
00:26:59,480 --> 00:27:03,600
Speaker 1: rally to be Washington. Calgary met Dallas NBA. Memphis at

486
00:27:03,680 --> 00:27:06,760
Speaker 1: one point led Golden State by fifty five. The Grizzlies

487
00:27:06,800 --> 00:27:09,040
Speaker 1: won by thirty nine to stay alive. Forty points for

488
00:27:09,119 --> 00:27:12,000
Speaker 1: Janie went to the Kumpo. Milwaukee rallied late to win.

489
00:27:12,080 --> 00:27:14,520
Speaker 1: In Boston, the Celtics took out the nets in round one.

490
00:27:14,600 --> 00:27:17,159
Speaker 1: That's GM. Shawn Marks met the media in Brooklyn to

491
00:27:17,280 --> 00:27:20,200
Speaker 1: talk about how to get better. We have prided ourselves

492
00:27:20,240 --> 00:27:23,119
Speaker 1: on the past with finding players with a chip on

493
00:27:23,200 --> 00:27:25,919
Speaker 1: his shoulder, with the resilience, was suthing to prof um.

494
00:27:26,000 --> 00:27:27,480
Speaker 1: We're gonna have to go back to that. We're gonna

495
00:27:27,480 --> 00:27:30,200
Speaker 1: have to go back to looking a little bit more development,

496
00:27:30,280 --> 00:27:33,160
Speaker 1: looking more at finding the right characteristics of the player

497
00:27:33,200 --> 00:27:36,119
Speaker 1: that fits here, and when after that locking up Kyrie

498
00:27:36,160 --> 00:27:38,480
Speaker 1: Irving with a new long term deal, Mark said he's

499
00:27:38,560 --> 00:27:41,000
Speaker 1: not committing to that. In d C, National's Got to

500
00:27:41,080 --> 00:27:43,159
Speaker 1: Tyler McGill beat the Mets eight to three, with all

501
00:27:43,200 --> 00:27:45,159
Speaker 1: the scoring coming in the first two winnings. McGill got

502
00:27:45,200 --> 00:27:47,920
Speaker 1: only four outs, gave up eight runs eight hits. The

503
00:27:47,960 --> 00:27:50,040
Speaker 1: series ends this afternoon and the Yankees will visit the

504
00:27:50,080 --> 00:27:52,440
Speaker 1: White Sox tonight. They just beat Toronto five the three

505
00:27:52,560 --> 00:27:55,119
Speaker 1: labor Torres Drive In all five Yanks had net one

506
00:27:55,200 --> 00:27:58,680
Speaker 1: fifteen of their last seven team John Stashwer, Bloomberg Sports

507
00:27:58,800 --> 00:28:01,560
Speaker 1: Nathan all Right, John six thirty seven on Wall Street

508
00:28:01,600 --> 00:28:03,040
Speaker 1: Time Now to take a look at stock, some of

509
00:28:03,040 --> 00:28:06,000
Speaker 1: the names moving in the pre market. Bloomberg Radio and

510
00:28:06,040 --> 00:28:10,680
Speaker 1: TV Markets correspondent Created Gupta looking for any hints of

511
00:28:10,800 --> 00:28:13,600
Speaker 1: green this morning. I imagine it is a tough job

512
00:28:13,760 --> 00:28:15,639
Speaker 1: on that front this morning, Crety. But I know you're

513
00:28:15,680 --> 00:28:17,560
Speaker 1: keeping an eye on earnings as well. Yeah, well it's

514
00:28:17,600 --> 00:28:19,400
Speaker 1: been a tough job for the past couple of months

515
00:28:19,440 --> 00:28:21,960
Speaker 1: as well. We've got some of these downside stories because

516
00:28:21,960 --> 00:28:24,600
Speaker 1: it's not just about selling out of these positions. Some

517
00:28:24,680 --> 00:28:27,040
Speaker 1: of them are based on fundamentals, which to your point, Nathan,

518
00:28:27,119 --> 00:28:29,080
Speaker 1: brings me to earnings. Let's start off with Disney here.

519
00:28:29,119 --> 00:28:31,840
Speaker 1: That's gotta be the big story overnight. D I S

520
00:28:32,000 --> 00:28:34,760
Speaker 1: is your taker down about five percent? Now they did

521
00:28:34,880 --> 00:28:36,920
Speaker 1: beat subscriber estimates. I don't know if you're a Disney

522
00:28:36,960 --> 00:28:41,000
Speaker 1: Plus subscriber, Nathan, So you're one of the one thirty

523
00:28:41,040 --> 00:28:44,560
Speaker 1: seven point seven million that I feel so special. Now, yeah,

524
00:28:44,760 --> 00:28:46,320
Speaker 1: it's it's a it's a good spot to be in.

525
00:28:46,920 --> 00:28:48,840
Speaker 1: I am as well. By the way, the estimate there

526
00:28:48,920 --> 00:28:51,160
Speaker 1: is one hundred and thirty four point four million, so

527
00:28:51,240 --> 00:28:53,680
Speaker 1: they did come out with some pretty big numbers. Here's

528
00:28:53,720 --> 00:28:56,320
Speaker 1: the downside though, they warned about the rest of the year.

529
00:28:56,360 --> 00:28:59,000
Speaker 1: They're trimming someone that's spending on movies and TV shows,

530
00:28:59,000 --> 00:29:01,400
Speaker 1: so for fans like you and myself, it means perhaps

531
00:29:01,440 --> 00:29:03,760
Speaker 1: a little less content. But they did say their theme

532
00:29:03,800 --> 00:29:05,680
Speaker 1: park business was strong. And when you're talking about what

533
00:29:05,880 --> 00:29:08,600
Speaker 1: kind of parts of their business, that makes about the

534
00:29:08,680 --> 00:29:11,400
Speaker 1: revenue come from the media, from the streaming business, um,

535
00:29:11,440 --> 00:29:13,680
Speaker 1: but obviously their media and that includes you know when

536
00:29:13,720 --> 00:29:15,520
Speaker 1: you go to a Disney store and buy a Disney

537
00:29:15,560 --> 00:29:17,960
Speaker 1: hat or whatever that maybe it includes all of that

538
00:29:18,120 --> 00:29:22,240
Speaker 1: their content, their Disney channels, etcetera. The other comes from

539
00:29:22,280 --> 00:29:24,320
Speaker 1: theme parks, from cruise lines. Remember that was the part

540
00:29:24,400 --> 00:29:27,560
Speaker 1: that was shut down during the COVID pandemic that really

541
00:29:27,640 --> 00:29:30,600
Speaker 1: amplified the switch to streaming. So but they said the

542
00:29:30,640 --> 00:29:33,320
Speaker 1: both sides were actually very strong. It's simply the issue

543
00:29:33,440 --> 00:29:35,280
Speaker 1: of what's going to happen in the rest of the year.

544
00:29:35,320 --> 00:29:37,760
Speaker 1: The growth won't be as strong as it has been

545
00:29:37,800 --> 00:29:40,760
Speaker 1: in the past two quarters. Executive on the call, also

546
00:29:40,880 --> 00:29:43,320
Speaker 1: saying that the company plans to introduce Disney Plus to

547
00:29:43,520 --> 00:29:46,920
Speaker 1: fifty three new markets that include South Africa as soon

548
00:29:47,000 --> 00:29:49,520
Speaker 1: as next week and then will perhaps offset some of

549
00:29:49,560 --> 00:29:51,480
Speaker 1: the disruptions are seeing in the likes of Poland and

550
00:29:51,640 --> 00:29:54,560
Speaker 1: Ukraine of course up from the war. They're Maathon, And

551
00:29:54,800 --> 00:29:57,520
Speaker 1: just for more full disclosure here, I'm also an iPhone

552
00:29:57,560 --> 00:30:00,640
Speaker 1: owner and Apple shares aren't doing so high this morning either.

553
00:30:00,800 --> 00:30:02,800
Speaker 1: Well did you see that story about how they're retiring

554
00:30:02,880 --> 00:30:07,920
Speaker 1: the iPod touch over that one? Yeah, I was in

555
00:30:07,960 --> 00:30:09,360
Speaker 1: the fifth grade and I was the only one who

556
00:30:09,400 --> 00:30:11,560
Speaker 1: had it with my my my pride and joy um.

557
00:30:11,600 --> 00:30:14,080
Speaker 1: But to your point, Apple is also I know, I know,

558
00:30:14,360 --> 00:30:15,920
Speaker 1: my dad just did this like a show off. He's

559
00:30:15,920 --> 00:30:18,800
Speaker 1: a good A A p L is your taker. It

560
00:30:19,000 --> 00:30:21,680
Speaker 1: is down one pot this morning, and remember this was

561
00:30:21,760 --> 00:30:24,160
Speaker 1: them on course to open more than twenty percent below

562
00:30:24,200 --> 00:30:26,640
Speaker 1: their January peak. So Apple shares hitting a bear market.

563
00:30:26,880 --> 00:30:28,360
Speaker 1: The other one you want to talk about here is

564
00:30:28,400 --> 00:30:30,640
Speaker 1: Beyond Meat also taking quite a hit this morning. B

565
00:30:30,920 --> 00:30:34,400
Speaker 1: y n d R Taker down twenty five. It dropped

566
00:30:34,440 --> 00:30:36,960
Speaker 1: below its I P O price This is huge because

567
00:30:37,000 --> 00:30:39,960
Speaker 1: of course they did report earnings. They weren't that great.

568
00:30:40,360 --> 00:30:43,000
Speaker 1: Animals slashing their targets on the plant based food company

569
00:30:43,120 --> 00:30:45,880
Speaker 1: across the board, Nathan, So even on the tech side,

570
00:30:45,920 --> 00:30:49,000
Speaker 1: the consumer staple side, arguably, beyond meat is a consumer staple.

571
00:30:49,320 --> 00:30:51,560
Speaker 1: A lot of red on the screen wherever you look. Yeah,

572
00:30:51,560 --> 00:30:53,600
Speaker 1: a little bit of both of her, beyond meat for sure.

573
00:30:53,640 --> 00:30:56,520
Speaker 1: Thanks Creedy as always, Bloomberg Grady on TV. Markets correspondent

574
00:30:56,560 --> 00:30:59,600
Speaker 1: Creedy Gupta with us as we continue to watch the

575
00:30:59,640 --> 00:31:02,600
Speaker 1: cell off SMP futures down twenty four points down down,

576
00:31:02,640 --> 00:31:05,040
Speaker 1: futures down a hundred fifty six and NANSDAC future is

577
00:31:05,120 --> 00:31:09,200
Speaker 1: lower by a hundred twenty four points. Tenure treasury up

578
00:31:09,280 --> 00:31:12,480
Speaker 1: twenty two thirty seconds. The yield there two point eight

579
00:31:12,600 --> 00:31:14,840
Speaker 1: three percent, and the yield on the two year two

580
00:31:14,920 --> 00:31:22,800
Speaker 1: point five nine. On the nose, this is Bloomberg Bloomberg

581
00:31:22,800 --> 00:31:25,720
Speaker 1: eleven three oh weather, partly sunny, low seventies today, scattered

582
00:31:25,720 --> 00:31:28,440
Speaker 1: showers possible tomorrow with a high near seventy, and we've

583
00:31:28,480 --> 00:31:30,680
Speaker 1: got another chance of shower Saturday with highs and the

584
00:31:30,760 --> 00:31:38,480
Speaker 1: low seventies sixty Right now in Central Park markets headlines

585
00:31:38,520 --> 00:31:40,959
Speaker 1: and breaking new ones twenty four hours a day at

586
00:31:40,960 --> 00:31:44,360
Speaker 1: Bloomberg dot com, the Bloomberg Business at Land. At Bloomberg

587
00:31:44,440 --> 00:31:54,160
Speaker 1: Quick Tape, He's a Bloomberg Business Flash and I'm Karen Moscow.

588
00:31:54,280 --> 00:31:56,360
Speaker 1: This update brought to you by d n Y Melons.

589
00:31:56,400 --> 00:31:59,280
Speaker 1: Pershing learned why the world's most sophisticated wealth management and

590
00:31:59,320 --> 00:32:02,720
Speaker 1: institutional firms rely on Pershing to help them improve profitability,

591
00:32:02,800 --> 00:32:06,920
Speaker 1: create efficiency, attract talent and manage risk at Pershing dot Com.

592
00:32:07,400 --> 00:32:09,600
Speaker 1: Future is lower this morning because of the first word

593
00:32:09,640 --> 00:32:12,080
Speaker 1: breaking news desk for today's morning call. And here's fail

594
00:32:12,120 --> 00:32:15,040
Speaker 1: maloney build. Good morning, Hey, good morning, Karen. That's right.

595
00:32:15,120 --> 00:32:17,000
Speaker 1: US features are in the red right now at deat

596
00:32:17,000 --> 00:32:18,960
Speaker 1: features down a hundred and seventy eight point says if

597
00:32:19,000 --> 00:32:22,360
Speaker 1: he's dropped twenty eight asday. Features are lower by one

598
00:32:22,800 --> 00:32:25,360
Speaker 1: the US ten yeld at two point eight three percent,

599
00:32:25,520 --> 00:32:27,680
Speaker 1: Gold is down three Oil is also in the red,

600
00:32:28,000 --> 00:32:30,440
Speaker 1: and bitcoin is down by two point two percent. It

601
00:32:30,560 --> 00:32:34,040
Speaker 1: fell below twenty five thousand, five hundred at one point.

602
00:32:34,360 --> 00:32:37,040
Speaker 1: Japan dropped one point eight percent overnight, while Europan markets

603
00:32:37,080 --> 00:32:39,640
Speaker 1: are also under pressure, led by two percent losses in

604
00:32:39,680 --> 00:32:42,600
Speaker 1: the UK, France and Germany. Back in the US on

605
00:32:42,680 --> 00:32:45,840
Speaker 1: the economic Fronday thirty initial jobs claims and April p

606
00:32:46,040 --> 00:32:49,320
Speaker 1: p I. After develous night, Disney warrant subscriber growth in

607
00:32:49,400 --> 00:32:53,800
Speaker 1: the second half may miss expectations and regarding earnings. This morning,

608
00:32:53,880 --> 00:32:58,000
Speaker 1: cyber arks software boosted fistally your revenue forecast rapid Things

609
00:32:58,120 --> 00:33:00,440
Speaker 1: up Planes All American was raised to outperform at kred,

610
00:33:00,520 --> 00:33:03,080
Speaker 1: Sweez beyond Meat was cut to equate to Barkley's, and

611
00:33:03,200 --> 00:33:05,800
Speaker 1: fort and GM were cut as well. Spargo sees ev

612
00:33:06,000 --> 00:33:11,640
Speaker 1: costs rising massively. Live from the first breaking news deskm

613
00:33:11,720 --> 00:33:13,960
Speaker 1: Bill Malona can great gil. Thank you to hear live

614
00:33:14,000 --> 00:33:16,440
Speaker 1: breaking news of your bloombergy type squawk on your terminal

615
00:33:16,640 --> 00:33:19,320
Speaker 1: scu A w u K, that's a Bloomberg business flash.

616
00:33:19,400 --> 00:33:21,480
Speaker 1: Now here's Michael bar with more on what's going on

617
00:33:21,600 --> 00:33:24,440
Speaker 1: around the world, matal, Thank you very much. The U. S.

618
00:33:24,480 --> 00:33:27,160
Speaker 1: Supreme Court will gather today for the first time since

619
00:33:27,240 --> 00:33:30,200
Speaker 1: the leak of a majority draft opinion. That's just the

620
00:33:30,240 --> 00:33:33,320
Speaker 1: court will overturn Roe v. Wade. Yesterday, the U. S.

621
00:33:33,400 --> 00:33:36,160
Speaker 1: Senate failed to pass a measure to enshrine abortion rights

622
00:33:36,240 --> 00:33:40,520
Speaker 1: in federal law. Ukraine's military says Russian forces unleashed air

623
00:33:40,600 --> 00:33:43,680
Speaker 1: strikes on the last pocket of Ukrainian resistance in the

624
00:33:43,760 --> 00:33:47,760
Speaker 1: besieged city of Mariouple, South Korea says North Korea fire

625
00:33:47,800 --> 00:33:50,640
Speaker 1: a ballistic missile last night off its eastern coast. In

626
00:33:50,720 --> 00:33:53,840
Speaker 1: the NHL Playoffs, the Rangers stay alive after beating the Penguins.

627
00:33:54,000 --> 00:33:57,280
Speaker 1: The Capital's lost to the Panthers. In the NBA Playoffs,

628
00:33:57,360 --> 00:33:59,400
Speaker 1: the Celtics lost to the Bucks Center now on the

629
00:33:59,400 --> 00:34:03,040
Speaker 1: brink of al nation. The Warriors lost to the Grizzlies. Baseball,

630
00:34:03,120 --> 00:34:06,240
Speaker 1: the Yankees one, the Mets loss to the Nationals, the

631
00:34:06,360 --> 00:34:08,879
Speaker 1: Red Sox and Orioles lost the Giants, and as one

632
00:34:09,320 --> 00:34:11,759
Speaker 1: global news twenty four hours a day on air and

633
00:34:12,000 --> 00:34:16,320
Speaker 1: on Bloomberg Quick Take, powered by more than journalists analysts

634
00:34:16,400 --> 00:34:19,040
Speaker 1: more than a hundred twenty countries. I'm Michael Barr. This

635
00:34:19,160 --> 00:34:24,560
Speaker 1: is Bloomberg. The following commentary is from Bloomberg Opinion. I'm

636
00:34:24,640 --> 00:34:27,719
Speaker 1: Jonathan Bernstein, a columnist for Bloomberg Opinion. In the continuing

637
00:34:27,800 --> 00:34:31,160
Speaker 1: story of Donald Trump's perceived influence within the Republican Party,

638
00:34:31,640 --> 00:34:34,960
Speaker 1: this week delivered a mixed verdict. His endorsed candidate won

639
00:34:35,000 --> 00:34:37,680
Speaker 1: a high profile House primary in West Virginia, but the

640
00:34:37,719 --> 00:34:40,640
Speaker 1: Trump back candidate for governor in Nebraska fell short. What

641
00:34:40,800 --> 00:34:44,160
Speaker 1: matters for Trump's influence within the party is his perceived cloud.

642
00:34:44,360 --> 00:34:47,239
Speaker 1: How well that reflects Trump's actual suave of voters is

643
00:34:47,280 --> 00:34:50,560
Speaker 1: harder to assess. In multi candidate races in Ohio last week.

644
00:34:50,600 --> 00:34:53,120
Speaker 1: In Nebraska this week, Trump's candidates got about a third

645
00:34:53,200 --> 00:34:55,560
Speaker 1: of the primary vote. If Trump's backing is worth at

646
00:34:55,640 --> 00:34:58,399
Speaker 1: best thirty three percent of the Republican vote, that's really

647
00:34:58,440 --> 00:35:00,800
Speaker 1: not that impressive. It's also true that a lot of

648
00:35:00,840 --> 00:35:04,040
Speaker 1: candidates Trump didn't indors, even something we're running against, candidates

649
00:35:04,040 --> 00:35:07,320
Speaker 1: E supports sound a lot like the former president. But

650
00:35:07,440 --> 00:35:10,799
Speaker 1: whether that's a question of Trump's influence or not is complicated.

651
00:35:11,000 --> 00:35:13,960
Speaker 1: It's possible that what's really going on here is Republican

652
00:35:14,000 --> 00:35:17,880
Speaker 1: aligned media dominating Republican primaries, and that's a very big

653
00:35:17,960 --> 00:35:21,000
Speaker 1: story in US politics right now. I'm Jonathan Bernstein. For

654
00:35:21,080 --> 00:35:23,480
Speaker 1: more opinion, please go to Bloomberg dot com, Slash Opinion

655
00:35:23,960 --> 00:35:26,120
Speaker 1: or O P I N go on the Bloomberg terminal.

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Speaker 1: be heard every weekday at this time and terminal Customers

658
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659
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Speaker 1: is six fifty on Wall Street. Returned to News and

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Speaker 1: Science and Technology now with the Bloomberg and j I. T.

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00:35:41,840 --> 00:35:44,560
Speaker 1: Stammer Report brought to U buy New Jersey Institute of

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Speaker 1: Technology ranked a top fifty national public university by US

663
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Speaker 1: News and World Report and j I T is Future

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00:35:51,560 --> 00:35:53,279
Speaker 1: in the Making. Learn more at n j I T

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Speaker 1: dot E DU now Here's its Making News and Science, Technology,

666
00:35:56,960 --> 00:36:00,640
Speaker 1: Engineering and Math. North Korea has imposed in nationwide to

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00:36:00,719 --> 00:36:04,520
Speaker 1: lockdown to control its first acknowledged COVID outbreak, after holding

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00:36:04,600 --> 00:36:07,160
Speaker 1: for more than two years to a widely doubted claim

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00:36:07,200 --> 00:36:09,960
Speaker 1: of a perfect record keeping out the virus. A failure

670
00:36:10,000 --> 00:36:13,760
Speaker 1: to slow infections could have serious consequences because the country

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00:36:13,840 --> 00:36:16,600
Speaker 1: has a poor healthcare system and its twenty six million

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00:36:16,719 --> 00:36:21,040
Speaker 1: people are believed to be mostly unvaccinated. Saudi Aramco has

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00:36:21,080 --> 00:36:24,280
Speaker 1: overtaken Apple as the world's most valuable company on searching

674
00:36:24,320 --> 00:36:27,839
Speaker 1: oil prices and ongoing weakness and tex stalks. Earlier this year,

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00:36:27,880 --> 00:36:31,560
Speaker 1: Apple boasted a market value of three trillion dollars, but

676
00:36:31,680 --> 00:36:37,279
Speaker 1: has since fallen. Nearly and another honor for Frank will

677
00:36:37,400 --> 00:36:41,040
Speaker 1: Check the Nobel Prize winning theoretical physicist renowned for his

678
00:36:41,200 --> 00:36:45,000
Speaker 1: boundary pushing investigations into the fundamental laws of nature, has

679
00:36:45,080 --> 00:36:48,640
Speaker 1: been given this year's prestigious Templeton Prize as a word

680
00:36:48,640 --> 00:36:51,960
Speaker 1: of to individuals whose life's work embodies a fusion of

681
00:36:52,120 --> 00:36:55,480
Speaker 1: science and spirituality. Established in nineteen seventy two by the

682
00:36:55,560 --> 00:36:58,440
Speaker 1: late philanthropist Sir John Templeton, the prize is one of

683
00:36:58,440 --> 00:37:01,600
Speaker 1: the world's most lucrative individual awards currently and more than

684
00:37:01,680 --> 00:37:04,600
Speaker 1: one point three million dollars and as a Bloomberg n

685
00:37:04,640 --> 00:37:07,560
Speaker 1: j I T STEM report. Nathan Okay, Karen, Thanks. We're

686
00:37:07,600 --> 00:37:09,920
Speaker 1: live from the Bloomberg Interactive Broker Studios where it's six

687
00:37:10,000 --> 00:37:12,319
Speaker 1: fifty two on Wall Street. Now it's time to check

688
00:37:12,360 --> 00:37:13,880
Speaker 1: what's going on in d C. Who are Some of

689
00:37:13,920 --> 00:37:17,200
Speaker 1: the top stories include the abortion rights bill getting blocked

690
00:37:17,239 --> 00:37:21,440
Speaker 1: in the Senate, President Biden warning Democrats of voter anger

691
00:37:21,840 --> 00:37:25,480
Speaker 1: over inflation, and senators warning of the tech threat from

692
00:37:25,680 --> 00:37:29,920
Speaker 1: China as a competition bill awaits also making news. Just

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00:37:30,120 --> 00:37:33,840
Speaker 1: this morning, President Biden marking a million lives lost to

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00:37:34,000 --> 00:37:37,960
Speaker 1: COVID nineteen. Bloomberg Government Congressional reporter Jack Fitzpatrick is here

695
00:37:38,000 --> 00:37:40,239
Speaker 1: with us now from more in all these stories, Jack,

696
00:37:40,320 --> 00:37:43,759
Speaker 1: we are likely to reach that milestone sometime today. The

697
00:37:43,840 --> 00:37:46,719
Speaker 1: official numbers are just shy of a million right now.

698
00:37:46,840 --> 00:37:49,839
Speaker 1: But we did get a statement from the President this morning. Yes,

699
00:37:49,920 --> 00:37:52,840
Speaker 1: we did get a statement from the President acknowledging that,

700
00:37:53,120 --> 00:37:56,520
Speaker 1: and the plan is to have the flags at half

701
00:37:56,680 --> 00:38:01,239
Speaker 1: massed today in order to uh knowledge the milestone that

702
00:38:01,400 --> 00:38:04,560
Speaker 1: is expected today. We may also hear more because the

703
00:38:04,640 --> 00:38:10,960
Speaker 1: President is supposed to participate in this international COVID Virtual

704
00:38:11,360 --> 00:38:15,400
Speaker 1: Summit today. Obviously the us IS milestone is not the

705
00:38:15,520 --> 00:38:18,280
Speaker 1: only thing on the docket, but after about fifteen million

706
00:38:18,400 --> 00:38:22,479
Speaker 1: deaths internationally, uh, I wonder if the President might raise

707
00:38:22,560 --> 00:38:25,640
Speaker 1: that in his comments to kick off that summit. Uh

708
00:38:26,280 --> 00:38:28,920
Speaker 1: as he also, of course pushes for a bill from

709
00:38:29,000 --> 00:38:32,440
Speaker 1: Congress for COVID resources. Yeah, it is very interesting for

710
00:38:32,520 --> 00:38:36,239
Speaker 1: this milestone to come just now when the COVID AID

711
00:38:36,400 --> 00:38:40,279
Speaker 1: that had been part of the Ukraine package was stripped out.

712
00:38:40,560 --> 00:38:45,360
Speaker 1: So where do things stand now with ongoing COVID relief.

713
00:38:46,000 --> 00:38:49,680
Speaker 1: It's very stalled, uh, And especially it'll be interesting to

714
00:38:49,760 --> 00:38:53,239
Speaker 1: see how the President sort of acknowledges the lack of

715
00:38:53,400 --> 00:38:56,319
Speaker 1: progress on that in an international forum in which he's

716
00:38:56,360 --> 00:38:59,960
Speaker 1: taking part in today, given that there was a bipartis

717
00:39:00,000 --> 00:39:04,000
Speaker 1: an agreement initially on a domestic package. The president asked

718
00:39:04,200 --> 00:39:06,640
Speaker 1: had asked for twenty two and a half billion dollars overall,

719
00:39:06,880 --> 00:39:09,279
Speaker 1: there is an agreement to give him ten billion on

720
00:39:09,360 --> 00:39:13,600
Speaker 1: the domestic needs. Then the Title forty two immigration debate

721
00:39:14,400 --> 00:39:17,680
Speaker 1: got that locked up. Uh, And now we're hearing from lawmakers.

722
00:39:17,760 --> 00:39:20,520
Speaker 1: You know, we eventually will need to do uh, the

723
00:39:20,840 --> 00:39:25,560
Speaker 1: the funding for global vaccination, global therapeutics, that kind of thing.

724
00:39:25,920 --> 00:39:28,719
Speaker 1: But that immigration debate that tripped things up, and the

725
00:39:28,880 --> 00:39:32,160
Speaker 1: decision to not include that in the Ukraine Aid bill

726
00:39:32,520 --> 00:39:35,160
Speaker 1: really stalled things. Uh. So we don't exactly have a

727
00:39:35,239 --> 00:39:38,480
Speaker 1: schedule going forward other than that talks are are ongoing

728
00:39:38,600 --> 00:39:42,080
Speaker 1: on a COVID bill. Uh. And it's very difficult without

729
00:39:42,160 --> 00:39:45,600
Speaker 1: an agreement on the immigration side of that policy that

730
00:39:45,680 --> 00:39:50,040
Speaker 1: allowed under pandemic authorities allowed officials to expel people from

731
00:39:50,080 --> 00:39:53,120
Speaker 1: the border. More quickly, let's turn to the abortion debate. Now,

732
00:39:53,160 --> 00:39:56,520
Speaker 1: we had that testout in the Senate yesterday on starting

733
00:39:56,600 --> 00:40:00,399
Speaker 1: debate on codifying abortion rights, but it didn't even get

734
00:40:00,520 --> 00:40:04,560
Speaker 1: every Democrat on board. Right, Joe Mansion did not side

735
00:40:04,600 --> 00:40:06,880
Speaker 1: with them on that, and I think test vote is

736
00:40:06,960 --> 00:40:09,680
Speaker 1: the right word to use for this. It was very

737
00:40:09,760 --> 00:40:13,560
Speaker 1: much a vote with an eye toward November. Um, they

738
00:40:13,920 --> 00:40:17,000
Speaker 1: really could have gotten more support if it were a

739
00:40:17,200 --> 00:40:22,360
Speaker 1: narrower bill. Hearing from uh Senator Mansion, Senator Susan Collins,

740
00:40:22,520 --> 00:40:26,400
Speaker 1: Lisa Murkowski. They could get a simple majority, very likely

741
00:40:26,719 --> 00:40:31,600
Speaker 1: on something narrowly tailored to codify the Roe v. Wade

742
00:40:32,280 --> 00:40:36,239
Speaker 1: right to have an abortion. But there are some some

743
00:40:36,480 --> 00:40:40,520
Speaker 1: provisions in this bill that go a bit further limiting

744
00:40:40,680 --> 00:40:45,239
Speaker 1: what states can do to to place limits on that right. Uh,

745
00:40:45,440 --> 00:40:48,720
Speaker 1: so Mansion is against it. They didn't get Republicans support.

746
00:40:49,000 --> 00:40:52,680
Speaker 1: It's something Democrats put up essentially as a show vote

747
00:40:52,719 --> 00:40:55,080
Speaker 1: to put Republicans on the record. And of course, even

748
00:40:55,120 --> 00:40:56,959
Speaker 1: if they could get a few more votes on something

749
00:40:57,120 --> 00:41:00,480
Speaker 1: narrowly tailored, that wouldn't get them to sixty notes. So

750
00:41:00,600 --> 00:41:03,000
Speaker 1: really this has become a political issue with the mid

751
00:41:03,160 --> 00:41:05,040
Speaker 1: terms in mind. Yeah, it is gonna be interesting to

752
00:41:05,040 --> 00:41:07,320
Speaker 1: see if this does resonate into November. But if you

753
00:41:07,400 --> 00:41:10,480
Speaker 1: hear some of the president's latest comments, Jack, it sounds

754
00:41:10,560 --> 00:41:14,799
Speaker 1: like he's really focused on the potential political Achilles heal

755
00:41:14,840 --> 00:41:19,680
Speaker 1: of inflation. Yes, he has called that his top domestic priority.

756
00:41:20,120 --> 00:41:25,000
Speaker 1: He has really responded to the negative feedback on on

757
00:41:25,360 --> 00:41:27,560
Speaker 1: the just what an issue that is, and he he

758
00:41:27,840 --> 00:41:31,840
Speaker 1: spoke uh yesterday at a d n C event saying

759
00:41:32,200 --> 00:41:35,120
Speaker 1: it's it's a very tough issue heading toward November. He's

760
00:41:35,239 --> 00:41:39,120
Speaker 1: essentially warning Democrats that is a major weight on them.

761
00:41:39,440 --> 00:41:43,000
Speaker 1: He's tried to, on one hand, point to the FED

762
00:41:43,160 --> 00:41:46,000
Speaker 1: and say this is the federal reserves job. On the

763
00:41:46,080 --> 00:41:49,280
Speaker 1: other hand, he's pointed to some of the legislative outlook

764
00:41:49,360 --> 00:41:52,960
Speaker 1: pushing for some tax increases on the wealthy under the

765
00:41:53,160 --> 00:41:55,600
Speaker 1: Build Back Better plan that I guess will be renamed

766
00:41:55,640 --> 00:41:59,280
Speaker 1: at some point that is also still stalled. But really

767
00:41:59,640 --> 00:42:03,120
Speaker 1: ultimate Lee, he clearly has come to the recognition that

768
00:42:03,239 --> 00:42:06,080
Speaker 1: this is a very difficult issue for Democrats in the midterms.

769
00:42:06,120 --> 00:42:10,080
Speaker 1: That's not going away. Bloomberg Government Congressional reporter Jack Fitzpatrick

770
00:42:10,160 --> 00:42:12,440
Speaker 1: with us this morning. Read more about all these stories

771
00:42:12,480 --> 00:42:14,719
Speaker 1: at Bloomberg dot com or on the Bloomberg terminal, and

772
00:42:14,760 --> 00:42:18,680
Speaker 1: listen to Bloomberg Radio in Washington at Bloomberg and one

773
00:42:18,719 --> 00:42:22,040
Speaker 1: oh five point seven FM HD two. The prospect of

774
00:42:22,200 --> 00:42:26,919
Speaker 1: stickier inflation and potential further FED tightening is definitely what's

775
00:42:26,960 --> 00:42:29,640
Speaker 1: on markets minds. This morning, we got SNP futures down

776
00:42:29,719 --> 00:42:33,320
Speaker 1: down sixteen points, DAL futures down ninety six NASTAC futures

777
00:42:33,360 --> 00:42:36,080
Speaker 1: lower by a hundred two points, the tenure Treasury up

778
00:42:36,160 --> 00:42:39,120
Speaker 1: twenty thirty seconds, the yield two point eight four percent

779
00:42:39,239 --> 00:42:41,800
Speaker 1: as we await the latest read on inflation in the

780
00:42:41,920 --> 00:42:45,400
Speaker 1: producer Price Index. Much more to come on Bloomberg Surveillance

781
00:42:45,480 --> 00:42:49,040
Speaker 1: Next for Karen Moscow. I'm Nathan Hagar. This is Bloomberg